Affluence Corporation (AFFU)

[BigBadWolf]

I won’t mention the most recent ticker (yet) but Oscar Brito was quite involved as a 🙄lender.
All convertible debt was exchanged into a new Series of Preferred Stock.
The lenders agreed to:
Forgo default and accrued interest,
Lower conversion discounts (from 45% down to 15%), and
Accept a lock-out period (i.e., no conversion or sale for a set number of months).
This was publicly framed as a cleanup of toxic debt and a “balance sheet restructuring.” During that “quiet” period which btw no news or filings came out. Damn near all the investing public expected releases of news & a run up of sorts before future conversions as any would expect. When the preferred shares converted back into commons, the outcome is/was the giveaway as Brito and other former debt holders emerged holding the same effective number of shares that their original convertible debt would have entitled them to, it was just re-timed and cleaned up. (btw millions had already been taken out of the market prior too, more than covering their initial loans/investments. Let me explain what that swap hype actually means:
The “debt-for-preferred” swap didn’t truly eliminate dilution; it just repackaged it. The lockout acted as a holding pattern. Once conversion restrictions lifted, the same ownership result materialized only now labeled as equity restructuring instead of debt conversion. From a forensic accountant view, this looks like a regulatory optics maneuver, not an economic reset..

I still said that his verified history should allow Oscar to be an asset to shareholders in renegotiating the toxic debt here. To date, sadly he has be3n a colossal failure. The associated facts seem to back up said opinion, to date 😉