Cornell Yorkville Clients

[jonesieatl]

I thought Yorkville's terms were 'rough' ....

but then they could be worse.

From the N/I/R board

http://investorshub.advfn.com/boards/board.aspx?board_id=11792

comes this financing by one of Corey Ribotsky's companies:

http://www.sec.gov/Archives/edgar/data/861058/000101968708003100/0001019687-08-003100-index.htm

and I excerpted the below

(I never saw a 50% discount before , and while I'm used to seeing Yorkville's 20% conversion discounts on a 10-day VWAP , a 50% discount on the average of the 3 lowest intraday trading prices in the 20 days preceding a conversion is amazing to say the least. Wow.

"1.2 CONVERSION PRICE.

(A) CALCULATION OF CONVERSION PRICE. The Conversion Price shall be the
Variable Conversion Price (as defined herein) (subject, in each case, to
equitable adjustments for stock splits, stock dividends or rights offerings by
the Borrower relating to the Borrower's securities or the securities of any
subsidiary of the Borrower, combinations, recapitalization, reclassifications,
extraordinary distributions and similar events). The "VARIABLE CONVERSION PRICE"
shall mean the Applicable Percentage (as defined herein) multiplied by the
Market Price (as defined herein). "MARKET PRICE" means the average of the lowest
three (3) Trading Prices (as defined below) for the Common Stock during the
twenty (20) Trading Day period ending one Trading Day prior to the date the
Conversion Notice is sent by the Holder to THE Borrower via facsimile (the
"CONVERSION DATE"). "TRADING PRICE" means, for any security as of any date, the
intraday trading price on the Over-the-Counter Bulletin Board (the "OTCBB") as
reported by a reliable reporting service ("REPORTING SERVICE") mutually
acceptable to Borrower and Holder and hereafter designated by Holders of a
majority in interest of the Notes and the Borrower or, if the OTCBB IS not the
principal trading market for such security, the intraday trading price OF such
security on the principal securities exchange or trading market where such
security is listed or traded or, if no intraday trading price of such security
is available in any of the foregoing manners, the average of the intraday
trading prices of any market makers for such security that are listed in the
"pink sheets" by the National Quotation Bureau, Inc. If the Trading Price cannot
be calculated for such security on such date in the manner provided above, the
Trading Price shall be the fair market value AS mutually determined by the
Borrower and the holders of a majority in interest of the Notes being converted
for which the calculation of the Trading Price is required in order to determine
the Conversion Price of such Notes. "TRADING DAY" shall mean any day on which
the Common Stock is traded for any period on the OTCBB, or on the principal
securities exchange or other securities market on which the Common Stock is then
being traded. "APPLICABLE PERCENTAGE" SHALL mean 50%."


Yorkville / Cornell Tracking Board #board-9964


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