BlackStar Enterprise Group Inc (BEGI)

[Bubae]

Another dilution post? 😆
On November 6, 2023, GS Capital Partners LLC files a lawsuit regarding the unavailability of conversion shares relating to the Promissory Note entered into on October 11, 2021. The potential consequence could result in the 'need to increase the authorized shares of common stock in order to accommodate any judgments or settlements.' Where is that person that stated 'No dilution. All toxic debt paid in cash in full! '

Convertible Promissory Note with GS Capital Partners, LLC
BLACKSTAR ENTERPRISE GROUP, INC.10% CONVERTIBLE REDEEMABLE NOTE DUE DECEMBER 2, 2021
https://www.sec.gov/Archives/edgar/data/1483646/000106594920000169/ex10_1.htm

https://casetext.com/case/gs-capital-partners-llc-v-blackstar-enters-grp-1
2. The State Court issued a temporary restraining order on November 9, 2023 (“TRO”) and [color=red]scheduled a hearing on Plaintiff's motion for preliminary injunction for November 27, 2023[/color]

A preliminary injunction is an injunction that may be granted before or during trial, with the goal of preserving the status quo before final judgment.

Bubae
Re: Savannah-Marc post# 6178
Saturday, December 09, 2023 6:15:53 PM
Post# 6205 of 6279
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173396267

'The Company may need to increase the authorized shares of common stock in order to accommodate any judgments or settlements, and the Company could be exposed to further risks of lawsuits for similar issues.'

For the quarterly period ended September 30, 2023
https://www.otcmarkets.com/filing/html?id=17069009&guid=25J-k6VdULSidth

ITEM 1A. RISK FACTORS
The risk factor included in the periodic report for the prior quarter ended June 30, 2023, is incorporated herein by reference.

The following additional risk factor shall be added:

A LAWSUIT WAS FILED AGAINST THE COMPANY ON NOVEMBER 6, 2023.

On November 6, 2023, GS Capital Partners LLC filed a lawsuit against the Company in Nevada regarding the unavailability of conversion shares relating to the Promissory Note entered into on October 11, 2021 and the remaining principal balance of $33,682. The plaintiff is seeking specific performance for the reserve of 700,000,000 shares, or damages in excess of $15,000, plus interest, costs, and legal fees. The lawsuit increases the company’s financial and administrative burdens and is a risk to the Company’s capital. Although the Company is attempting to settle the dispute by paying the note in full, there is no guarantee that this will settle the matter in its entirety. The Company may need to increase the authorized shares of common stock in order to accommodate any judgments or settlements, and the Company could be exposed to further risks of lawsuits for similar issues.