You should read the 8k again, they cancelled the MS Agreement with Turetsky’s Trava. They were the ones growing on the farm. How can this news be “massive,” when it’s so similar to the agreement they had with Trava? Now they owe Trava at least $250,000, and they owe Aeon $1 million, plus at least 500 million shares to be dumped. After Aeon gets their money back, they still get royalties from the crop. That’s the new debt, not including the old debt from Redwood, Magic Farms, Chicago Venture Partners, and Southwest farms, and the $3 million balloon payment. If Siegel really does work for Aeon, this is looking just like the days of Vinnie and Goh, more insider enrichment.
Some background:
”On May 31, 2017, we, and two of our subsidiaries, EWSD I, LLC (“EWSD”) and Pueblo Agriculture Supply and Equipment LLC, and Trava LLC, a Florida limited liability company that has lent various sums to us (“Trava”), entered into a Management Services Agreement (the “MS Agreement”) in respect of our hemp grow-and-extraction operations located in Pueblo, Colorado (the “Pueblo Farm”). The MS Agreement has a 36-month term with two consecutive 12-month unilateral options exercisable in the sole discretion of Trava. Pursuant to the provisions of the MS Agreement, Trava shall collect all revenue generated by the Pueblo Farm operations. Further, Trava is to satisfy all of our Pueblo Farm-related past due expenses and, subject to certain limitations, to pay all current and future operational expenses of the Pueblo Farm operations. Finally, commencing October 2017, Trava is obligated to make the monthly mortgage payments on the Pueblo Farm, although we remain responsible for any and all “balloon payments” due under the mortgage. On a cumulative calendar monthly cash-on-cash basis, Trava is obligated to tender to us or, at our option, to either or both of our subsidiaries, an amount equivalent to 51% of the net cash for each such calendar month. Such monthly payments are on the 10th calendar day following the end of a calendar month for which such tender is required.”
So who is Trava llc? Trava is a Florida LLC that was created on 10/26/2016, three names show up, Daniel Sands, an attorney; Steven Turetsky, and Green V LLC. I don’t know who “Green V” is, but the address they list is for a penthouse condo in Sunny Isles Beach, FL that is worth $5.7 million according to Zillow. This condo is literally across the street from the UPS store that Redwood Management and Magic Farms use as their address. In the 8/23/2017 8K Trava and Redwood are listed collectively as “the lenders” in the settlement agreement, so there is likely some connection. I posted about Turetsky last week, he has several other mj ventures he invests in, but this seems to be the biggest, another being a CBD company that sells to retails stores.
