BlackStar Enterprise Group Inc (BEGI)

[Bubae]

According to the latest docket update for the lawsuit it now appears that they have set a bench trial date of January 7th 2025. Meanwhile if we total up the four tranches ordered in the preliminary injunction we have 257,701,499 shares that should have been issued when requested on November 2nd to retire the principle note balance of only $33,682. What is on the line next January will be the interest, legal fees and likely default penalties under the note. The 180 day clock for the first of four tranches started on December 21st which has them vesting at the end of June. Question that I have is will the temporary restraining order preventing Blackstar from trading any shares since mid November remain in place. If so, Blackstar will be some very pissed off convertible note holders after this promotional opportunity was squandered.



Date of report (Date of earliest event reported): January 11, 2024
Update to November 6, 2023 Nevada Lawsuit
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000003/blackstar8kjan232024.htm

...At the outset of the case, a temporary restraining order was entered preventing the Company from trading any shares...

Plaintiff seeks specific performance (a mandatory injunction) requiring the conversion of approximately 257,000,000 shares and possibly additional recovery of legal fees and interest. The lawsuit increases the Company’s financial and administrative burdens and is a risk to the Company’s capital.

Meanwhile, the preliminary injunction ordered the Company to honor the conversion requests of November 2, 2023 (for the conversion of 62,084,333 shares of common stock – completed December 21, 2023) and the three subsequent requests GS Capital claimed it “would have” made (62,023,333 shares, 65,168,333 shares, and 68,425,500 shares). In order to comply with the mandatory injunction, prior to the stay, the Company increased the share reserve for GS Capital Partners LLC and they subsequently completed the first two conversions.


case number is A-23-881099-B, plug it into the court search query linked below.

https://www.clarkcountycourts.us/Portal/