Thursday, March 21, 2019 9:35:57 AM
For Steve the convertible promissory notes are easy money and he doesn’t care what they do to the ONCI share price.
These lenders who focus on distressed companies don’t care about credit scores and they don’t care about shareholders.
They want the ink to dry so they can start converting. In ONCI’s case, Steve signed up investors without their knowledge for this debt. He gets $70, $80, $98, $288 thousand dollars in exchange for a promise that shares will be available for the lender at a 50% discount to the lowest Trading days in the last 15 days for them to receive, and then sell.
When you can get shares at a 50% discount equal to one of his notes $90,000 and turn around and sell those shares for full price the next day you get a 100% profit. You get your $90k back and $90k in sales proceeds.
Pretty smart for the lenders. Pretty smart for Steve. He had to do nothing but sign away investors wealth to get his spending cash. And it’s all legal.
Good investors can spot the ONCI scheme. Others can’t and they fall for smooth talking while ignoring red flags.
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