Thanks, Whatsup. Yeah, that's rather toxic for KERN, I'd say. It's a slap in the face to their investors. They buy at $8.00. Jessica sells at $10 for a cool $1 million for her private bank account, all while talking up her company with beautiful investor decks. Then they offer more shares, which dilutes the guys up there at $8, for $2.40 cents. Toxic. It's the same thing Scott Ogur did to shareholders here, except at KERN, they do it straight to your face. Over here, they put it in fine print, at least. When stock fell below .90, those convertibles went from fixed to variable debentures. Predatory lending.
So, insiders here agreed to give up 75% of their control. They will no longer be calling all the shots. It's like a bad mafia movie, but I'm glad I've come out good from it all. I think I'll continue to profit, and I think they gave up control to make money. Why else would they give up control?
The only thing I really like best, to answer Picasso further, is that the new owners, the 75% owners, will be locked up for a year to my understanding. And Amercanex and Toler will be unlocked about the time this all comes together, as I understand it. So, I like that alignment of interests more than anything, to my understanding, Picasso.
What I'm not sure about is if this will convert automatically or if we have to do some kind of work. I don't want to do any work. It would be nice if they answered these questions in English and not legalese.
This industry is like the casino business in my eyes. It comes with baggage. Unethical practices. Heck, our President is a casino owner. That makes perfect sense. He has no ethics. Zac and Ogur are obviously very talented. But, don't pay yourself $75,000 after losing a lawsuit where you ripped off your own employees. And then appealed based on the fact that they aren't protected by fed rules because you run an illegal operation in the eyes of the fed? Huh? How about just do what's right and ethical? That's why you need to be regulated! It was rightfully thrown out. Pay your overtime! Zac may come from a different culture in the frontier markets where you can exploit people. I don't know, but it's not ethical business practices. If you just do what's right, life is a cake walk.
Just get them before they get you. If you have a chance for free shares, by selling half somewhere, go for it! It's always fun to have a foot in the door though, if you ask me. It is an adventure. It's like Raiders of the Lost Ark in this industry. Traps everywhere.
