Thursday, October 21, 2021 10:58:35 PM
That liquidation would have wiped out the toxic lenders who'd loaned the company money through the years, $14-15M IIRC. Auctus was in for $3.3M. Those same toxic lenders started converting loans like mad prior to the bankruptcy filing, adding 1.6B shares to the O/S. Some of that stock likely wasn't sold yet. Those lenders don't like getting wiped out, so a new plan was put forward, one with the headline "save the common stock!!!"
So they did. They gave the unsecured lenders stock for their loans at a penny a share when it had been pumped up higher than that, and those lenders were quite happy to sell. Loans that should have been largely devalued in a bankruptcy became profitable. O/S surges up to 2.7B, toss on 15B shares in warrants, debt that was about 1/2 of what they entered bankruptcy with. Now the debt is higher, the O/S is above 3B, stock really isn't moving well.
Pay attention to the S-1/A.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
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