Read the 8-k filing. It plainly states that is what happened.
The 8-k filing says that is what happened...
On November 21, 2014, Classic Capital Inc. assigned all right, title, and interest in and to the Indebtedness to Rancho Capital Management, Inc., a Nevada corporation (“Rancho”), (the “Assignment”). As a result of the Assignment, the Company is indebted to Rancho in the principal amount of $50,000.00.
On November 21, 2014,after review and recommendation from the Board, the Company entered into an Agreement for Conversion of Indebtedness to Series B Voting Preferred Stock with Rancho,pursuant to which it was agreed that the Indebtedness would be converted to 1,000 shares of the Company’s Series B Voting Preferred Stock (the “Agreement for Conversion”).
Rancho, as the sole holder of the 1,000 authorized, issued and outstanding shares of Series B Voting Preferred Stock, holds voting power equal to 99% of the Company’s voting securities.
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
The information set forth and incorporated by reference in Items 1.01 and 3.02 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.
Identity of the person who acquired control; date and description of the transaction; and basis of control
James Powell is the sole director and officer of Rancho, which acquired control of the Company on January 13, 2015. Control of the Company resulted from the conversion of the Indebtedness to 1,000 shares of the Company’s Series B Voting Preferred Stock, as specified in Items 1.01 and 3.02 of this Current Report on Form 8-K.
Percentage of Voting Securities of the Company
On January 13, 2015, the Company’s total issued and outstanding shares of common stock was 6,402,841,204.
Rancho, as the sole holder of the 1,000 authorized, issued and outstanding shares of Series B Voting Preferred Stock, holds voting power equal to 99% of the Company’s voting securities.
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