Yeah, if it wasn't for the FD disclosure at the end, the fact that a AJB waived their $300,000 conversion right under default (which they could have made a whole lot of money from), and that an insider has been sucking up shares, sure.
This reorganization petition appears to be a temporary stay, to protect assets until their intended acquisition which, according to the FD, is four to six weeks from completion.
The reorganization and continuing operations of OWP-Colombia will not impact the efforts of the Company to operationalize the partnership and distribution agreements with Smokiez Edibles and Kx Family Care, which are coordinated and managed through the Company’s U.S. team while allowing for local implementation.
"The Company intends to acquire a Colombian subsidiary domiciled within the Bogota Free Trade Zone that will possess all requisite licenses for the cultivation, production, distribution, and export of cannabis and hemp-infused products. We anticipate this process to be completed within four to six weeks and revenue generation commencing thereafter. In addition, the Company will continue to pursue its business strategy described in is press releases and filings with the Securities and Exchange Commission, which are publicly available at the SEC website at www.sec.gov."
Isiah is the CEO, the guy who has a vision. Joerg Sommers is the President, the guy who makes it happen. Funny, I just noticed this week that Sommers now has his OWP President listed (which it hasn't been since his hiring was announced in June) and it is listed as full-time. They have a C-level executive here. He knows how to get things done, that's why he's here.
If they have set up an acquisition then this reorganization petition prevents debtors from petitioning the court for settlement and potentially obstructing the completion of the acquisition. If they are saying 4+6 weeks then another form 8 with a Letter of Intent should come within 2 weeks to meet the required 30-day rule.
Looks like safe legal protection before the execution of their business plan.
The filing of the Restructuring Petition constituted an event of default that could have accelerated obligations under a promissory note in the amount of $300,000 which AJB Capital Investments, LLC (the “Lender”) advanced to the Company on June 23, 2023. Effective as of December 21, 2023, the Lender signed a letter waiving any events of default based on the filing of the Reorganization Proceeding, which waiver will continue until OWP-Colombia emerges from and/or the Reorganization Proceeding is terminated as determined by an order of the court.
With the default conversion price that is a minimum of nearly 12 million shares they could sell but it would end up being a lot more than that though because they would drive the price down, set a new low, and convert on the rebounds, over and over, and over... They could easily make a million if not a couple. They waived the right.
The S-1 with Tysadco Partners, LLC was rescinded in July of 2023, about a month after Joerg Sommers took his position. I would suspect another S-1 coming and that AJB may be involved. By acquiring an established revenue-producing operation first, an equity offering should hold more value. More capital for less equity. Some C-level stuff.
Remember Sommers has some very nice incentives to complete an equity offering.
McCabe's actions speak for themself.
AI
