Did I miss the "vote"?
from 10Q
On February 12, 2009, the Company entered into an Exclusive Option to Purchase Unimproved Land with The Nacelle Corporation (the "Agreement"). Pursuant to the terms of the Agreement, the Company obtained a three year option to purchase 4,840 acres of unimproved property near Tehachapi, California (the "Property"). In consideration for the option to purchase the Property, the Company issued a three year $16 million convertible debenture with interest at 5% per annum (the "Debenture"). The Debenture is convertible into shares of the Company's common stock six months following its issuance at the fixed conversion price of $0.5517
(subject to customary adjustment for stock splits or other capital changes)
subject to the limitation that the holder may not acquire in excess of 19.99% of the Company's outstanding common stock at any given time without prior shareholder approval.
=============================================================
When David Dadon converted part of the debenture to 4,000,000 shares that 4,000,000 shares constituted well over half of the outstanding shares of GSTY(MWAV) stock; 4 million of a toral of 6.81 million and Dadon already owned a million shares giving him a total of 5 million of the 6.8 million outstanding shares. Any of these purchases blew the doors of the 19.9 % requirement that required shareholder approval. Was this a double secret ballot? How many of you folks voted to allow Dadon to assume a majority ownership position in GSTY stock?
Tony "I upped my income at GSTY, up Yours!" Cataldo strikes again.
Can't wait to see the terms of the $ 300,000 note in May and the particulars around the 1.1 million dollar loan. (Bet we don't know details until Tony is legally required to give them, probably second quarter 10Q on or about 8/15/2009. Maybe IT won't be a month late like the first 10Q. There isn't a film festival in August is there? Also hopefully this new accounting firm will elect to stay around as well))
Tony and Gerry are a little "filing challenged".
See Tony and Gerry's 2 prior companies in addition to this month late 10Q. It also seems that some form 4 or 5s should be forthcoming on the "fully diluted deal" for Tony and the directors.
Hey Tony how about a conference call to answer all the unanswered questions.
Wondering what happened to Jeff Figlewicz. Man, I had s just learned how to spell his name and he left. Durn.
