BlackStar Enterprise Group Inc (BEGI)

[Bubae]

I doubt GS Capital has sold any shares other than the first tranche that they received in Q2 2023 which should have been vested by December and likely part of dumpage at the end of December. The GS Capital shares issued per the preliminary injunction started in December and continues so no shares should have been actually sold yet unless they are courting the attention of the SEC. I believe that they are observing the rule 144 holding period for unregistered shares which is why my prediction about the availability of vested shares in the second half of December appears to have been correct. The rest of the 698 million shares issued at an average of only $0.00017 were likely sold in January which is why we saw the CEO promoting in the two infomercials.

The insidious part about the lawsuit shares is that the outstanding principle balance on the note was only $33,682. The GS Capitals request for shares came on November 2nd so in accordance with the note language they appear to have locked in a conversion price of $0.00013 a share according to the January lawsuit update. Now there is interest, penalties and potential legal fees to go after. Blackstar wants everyone to believe that they will turn the tables on GS Capital but they agreed to the the terms of the note which are nasty if you do not decide to pay. Don't know what Blackstar expected but they have a history of not paying. They have a Quick Capital note that was declared to be in default April 2022. Two other notes in the S-1 offering for a total of $597,534 as of September 30th matured a couple of years ago. They now have a series of eight nine month notes that began maturing with two in December and two more in February. There is more. The fact that they are taking this to trial indicates how very bad the consequences may be.

Bubae
Re: None
Wednesday, March 13, 2024 1:14:51 AM
Post# 12113 of 12158
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174027735

We have another lawsuit update 8K! 🤣 I appears that the GS Capital lawsuit is going to trial with pretrial conference scheduled for March 25th according to the docket update. Blackstar is claiming that GS Capital requested their shares after the note was paid in cash. So I see a request for shares by GS Capital date in the January lawsuit update 8K of November 2nd 2023. Then GS Capital files the lawsuit on November 6th followed by the granting of the restraining order by the court on Blackstar dated November 9th according to the docket schedule. We do see an attempted payment by Blackstar dated November 15th in the Q3 2023 filing. I say attempted payment because this is what Blackstar states in the January lawsuit update 8K "...The Company attempted to resolve the dispute by paying the note in full..." The November 15th date of "attempted" payment was well after the November 2nd request for shares but who am I to say since I admit that I am not an attorney. 😆 This is fun to watch as Blackstar twists in the legal winds over a stupid note remaining principle balance of only $33,682. 🙄

Bubae
Re: J2003 post# 12071
Sunday, March 10, 2024 7:25:33 PM
Post# 12084 of 12158
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174011966

I'm thinking that there may be zero shares available at the moment. That is based on no share count increased from October to December 21st when the first tranche of 62,084,333 GS Capital shares was issued per the preliminary injunction ordered by the court. This would also be based on the restraining order that GS Capital was able to get back in November preventing Blackstar from trading any shares.

Date of report (Date of earliest event reported): January 11, 2024
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001483646/000106594924000003/blackstar8kjan232024.htm
The Company may need to increase the authorized shares of common stock in order to accommodate any continued conversions, judgments, or settlements, and the Company could be exposed to further risks of lawsuits for similar issues. The Company will also expend additional resources in the ongoing litigation and any potential resolutions outside the above-reference conversions to common stock (which were already contemplated in the original convertible promissory note), negatively impacting its financial position.