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Re: Burn Notice88 post# 81881

Thursday, 03/26/2015 10:52:26 PM

Thursday, March 26, 2015 10:52:26 PM

Post# of 92702
More totally false "DD"
That was the $200K note that Aaron defaulted on and he had nothing to do with the "repurchase."

From the disclosure published by Aaron on Oct 16 for the period ending June 30, 2012.

On October 18, 2011 the Company entered into a $200,000 unsecured, convertible loan which accrued interest at a rate of 18% per annum with Baron Capital Enterprise, Inc., (“BCAP”) in exchange for the return of 800,000 shares of Series A preferred stock, which were remitted to the Company for cancellation in the three-month period ended March 30, 2012. On May 29, 2012, the Company and BCAP agreed to modify the terms of the note such that (i) it no longer accrues interest, (ii) is no longer convertible into common stock, and (iii) payment would be made through a portion (20%) of the proceeds of a private securities offering, up to a maximum received value for BCAP of $200,000. As of June 30, 2012, and as of the date of this Report, no such proceeds have been raised, and principal in the amount of $200,000 remains outstanding.
During the six-month period ended June 30, 2012, in addition to the $200,000 note to BCAP, BG Medical has issued six unsecured, convertible notes (“Baron Notes”) to BCAP in the aggregate amount of $31,900. The Baron Notes bear interest at the rate of 18% per annum and are due a various dates as noted below. The parties mutually agreed to amend the conversion terms on May 29, 2012 from a 70% discount conversion rate to a 25% discount conversion rate based on a five day Volume Weighted Average Price. The Baron Notes are convertible at the discretion of the holder. The following is a summary of the Baron Notes:



As we all can see, Aaron had nothing to do with the BS of:

800,000 Preferred Repurchased by the Company in Q2/2012!



The "repurchase" was done the 4th quarter of 2011 and then Aaron defaulted on the note.