BlackStar Enterprise Group Inc (BEGI)

[Bubae]

Yes, time to celebrate. 🙄 Of the 3.4 million shares traded today 1.2 million were done in the first 30 seconds and all sells. This on another promo day. If they had shares to move it was scuttled by the lack of demand. Next hearing is for April 22nd and any potential settlement news will be for interest, legal fees and costs associated with the default terms of the note. Bench trial is scheduled for January 2025.

GS Capital appears to have locked in a conversion price of $0.00012 for their shares requested November 2nd based on the average two day lowest trading price of $0.0002 just days before this highly promoted run-up. This could be potentially very costly for Blackstar and is likely costing them a bundle in legal fees to litigate what was only a $33,682 principle balance. Mean while the other note that matured two years ago just fester and wait their turn. They squeezed in one more infomercial before the annual and really got nothing for it.

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

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


Update to November 6, 2023 Nevada Lawsuit
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000003/blackstar8kjan232024.htm

which had a remaining principal balance of $33,682. At the outset of the case, a temporary restraining order was entered preventing the Company from trading any shares. As currently postured, 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.


For the quarterly period ended September 30, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594923000100/begi-20230930.htm

ITEM 1A. RISK FACTORS

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.