LIG Assets Inc (LIGA)

[bhonda]

There is no toxic debt, there has only been 160M shares issued to insiders which was done June 1 of 2016 which carries a 1 year restriction which you can see here.



There are also 50M shares of preferred that can convert into 50M commons but I don't believe this has occured. Other than these shares nothing had been issued for nearly two years now. If you read the last press release you'll see the company is a bit confused as to where this stock is coming from see the quotes below.

"In addition, Chairman and Corporate Counsel Aric Simons will conduct a comprehensive review concerning stock sales by all company management and advisors to confirm that stock sales, if any, were executed according to the law. Current rules prohibit sales of restricted stock in a company like LIGA for at least one year from the date of issuance."

"Mr. Simons stated, "Our primary goals have been clear; to build a high growth, profitable company and ensure the integrity of our actions." He added, "In our effect to attain success, we want to make certain we have our shareholders' best interest in mind and be certain everyone is playing by the rules. If a restricted shareholder has acted improperly, we will take action to demand return of the shares to treasury or place a lien of those holdings until all questions are resolved."

The appearance to me is that someone has jumped the gun with their restricted stock and is shorting ahead of it coming due but unfortunately for them that's still nearly 3 months off.