Debentures 2 and 3 were the .001's...they are down to less than $100,000 cumulatively...someone showed that Tom tried to wire funds to pay this off, but they would not accept. I have to believe Debenture 1 is done.
Posted by: az_maverick
In reply to: vortmaximum who wrote msg# 95466
Date:11/14/2007 10:49:30 PM
Post #of 126184
Ok, here we go with O/S...
Debenture 1 (Highgate / Cornell Original)
If you believe only Highgate at $150,000 left on this one, then convertible at .015/share = 10,000,000. If you think Cornell has the other portion valued at $162,000, then that is another 10,800,000. The more I look at this, I am thinking they messed up the names and there is only $150,000 left..so I'm going with 10,000,000 shares.
Debenture 2 (Combination of Two from Oct 06)
25,000,000 ($25,000) Candent and 40,000,000 ($40,000)Cornell have already been drawn down on these. Remaining balance on Officer Loan and other Debenture is ($45,049 + $132,948)= $177,997. These are convertible at .001...so we are looking at 177,997,000 shares. Remember, these can only be drawn up to 4.99% of O/S at any one time.
Debenture 3 (Againg from Oct 06)
Starting balance of $255,077 with Candent. They drew down 25,507,700 ($25,508) to bring balance to $229,569. Cornell bought this from Candent. These are convertible at .001...so we are looking at 229,569,000 shares. Remember, these can only be drawn up to 4.99% of O/S at any one time.
I'm not counting Tom's shares for his debenture. He is not going to cash his with all this going on.
So, additional shares = 10,000,000+177,997,000+229,569,000
or... 417,566,000 to clear up this debt.
Obviously, I would hope Tom could work some magic in restructuring Debenture 2 and 3...that would be golden!
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