TransGlobal Assets Inc (TMSH)

[HighPriestess]

Since TMSH dropped to new low levels, I looked to see if there was news or something that triggered the new low. Nothing, as usual.

Slojab, you have been accurate about many things regarding the management of TMSH. In searching for the reason for the drop, I finally found what could be the reason, but makes no sense to me that people would be selling when TMSH has the potential to be run by someone with an actual business background who has raised millions of dollars. I found a single mention of a lawsuit against TMSH by Frederick Conte.


http://www.otcmarkets.com/financialReportViewer?symbol=TMSH&id=127542

NOTE 8 – Subsequent Events
On July 23, 2013 Frederick Conte filed a lawsuit in the State of Nevada against TransGlobal for breach of contract.
The Company is currently defending this action.

Just in case, I searched the Wyoming District Civil and Criminal Cases showed nothing about the lawsuit on TMSH. The only filing that I could find containing anything about a lawsuit was this. The October 13th Quarterly Report, 2014. Yet there is no other mention of the lawsuit after that.


In searching for the lawsuit in the Nevada District and Civil Cases was able to find this case looking up , https://www.clarkcountycourts.us/Anonymous/default.aspx.

You have to search for Fredrick Conte I discovered no other person's name worked. This is the Case # I found, A-13-685696-C.

Now read through all of the gobbly gook, and drop down to the bottom and look at the recent results of the Trial you will understand why the management was trying to pull the Assets out of the company. Which is considered illegal and could results in additional actions by the Judge. We will all have to wait and see. I would think that we would see something coming out soon in that regards.

The lawsuit filed by the Plaintiff was for Breach of Contract,
1) Debt owed of $323,504.91 - Judge decided in favor of Plaintiff - Frederick Conte
2) Debt owed of $25,000.00 - Judge decided in favor of Plaintiff - Frederick Conte

Also found Fraud Charges that were dismissed, then looks like later allowed. A lot of mumbo jumbo there. Hard to read. If I understand all the information looks like Mr. Conte will be paid shares for the debt or maybe just receive ownership of the company by the judge, which will give him controlling ownership of the company and the Fraud Charges against current Management have not been defined as to whether or not there was a decision either way.

Look at the dates. The Trial was on 7/20, but no minutes on what happened with the Trial, to me very unusual.

Then notice the dates on the resignation of Kent Strickler, then the dates of change of owner ship of SLXCO to only Doug Johnson on August 8th. And yes you already noticed that Kent has resigned. But the date submitted to counsel was for the 14th of August, which was after the date of the Trial which was 7/20/15.

SLXCO New Ownership - http://egov.sos.state.or.us/br/pkg_web_name_srch_inq.show_detl?p_be_rsn=1656610&p_srce=BR_INQ&p_print=FALSE

SLXCO - Amended Annual Report - August 8th, 2015 Now only Douglas Richard Johnson shows as the single owner of SLXCO. As well as the registered agent. Hmmm, not good for Mr. Johnson. http://records.sos.state.or.us/webdrawer/webdrawer.dll/webdrawer/rec/4082104/view/SOS%20-%20Corporation%20-%20Business%20Entity%20Filing%20Records%20-%2096113692.PDF

We can only assume that Mr. Strickler thinks that by resigning he will become immune to the findings of the Judge. We all know that his resignation means nothing and does not help Mr. Strickler in the least. He was acting CEO at the time of the Trial and resigning does not dismiss him from responsibilities and actions taken during his time as CEO and Chairman.

In addition, pulling the Assets out the Company before a final verdict and decision is filed by the judge can be considered fraud. Which means, the very thing that the Management, Doug Johnson and Kent Stricker were denying, in fact performed that very act. You could say case closed, but nothing is certain until the judge discloses his final decision.

I am encouraged that Frederick Conte seems to have won the case. Again we will not know until there are either final meeting minutes or if there is any type of news from the Company.

From what I have found Mr. Conte is a Businessman in Las Vegas, NV and runs a Consulting Business. Found him on LinkIn.

https://www.linkedin.com/in/frederickconte

Here is his Website - http://www.favaenterprises.com/

I also found this resume - http://www.distinctiveweb.com/resumes/Conte-Resume.pdf

Key Points - It appears this person is no slouch. Look at what he has been involved in in raising capital and in managing teams of people and a $105M operating budget.

Raised $1.6 million in seed capital, secured lines of credit valued at $5 million for funding and operational expenses, and successfully negotiated merger with renewable energy company for boutique mortgage banking organization in early stage development all while strengthening shareholder satisfaction.

Managed team of 6 (marketing and sales executives) and $2.5 million budget.

Managed $105 million annual operating budget and directed efforts of organization employing approximately 1,800 individuals throughout accounting, information technology, collections and finance, customer service, human resources, cash management, legal/compliance, marketing, sales, and verifications departments. Oversaw pricing and distribution of inventory. Developed Internet, call center, direct mail, and offsite marketing programs.

If he gets control of the company then it will be the first positive move in years. Then we wait to see what he does with the company. If we are lucky he will acquire new businesses or business relationships that are truly viable. I for one hope that he already has plans, he has been suing the company for 2 years, so he has to have something in mind and I hope he does something sooner than later if he is awarded control of the company or however that works.