Electric Car Company, Inc. (ELCR)

[Helter Skelter]

That's outrageous.

"Need more information on these two entities..."

"The original notes were dated January 2, 2009, April 16, 2009 and April 29, 2009 and were sold by the initial creditors to American Settlements LLC and Long Side Ventures LLC."

Here's some..."more information":

ELCR's CEO, Spaniak, appears to have incorporated the company {American Settlements LLC which also looks to be legally "inactive"} that has picked up ELCR's debt and tranformed the notes into {American Settlements & Long Side Ventures} convertibles...now it becomes clear why their stock issued {to themselves, apparently} was/is SO CHEAP. Funny stuff...explains the great deal alluded to below...AND...answers the question.

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Posted by: bankshot Date: Wednesday, April 07, 2010 2:54:43 PM
In reply to: The Rainmaker who wrote msg# 1014 Post # of 1172

Why such a great deal should be the question...?...

Example:
$254,794 @ 100 shares per dollar {$.01} converts to 25,479,400 shares

Example:
$254,794 @ 1,000 shares per dollar {$.001} converts to 254,794,000 shares

$254,794 @ 1,392 shares per dollar {~$.0007} converts to 354,673,240 shares

$254,794 / 354,639,437 shares = conversion pps of ~$.0007

"Effective March 11, 2010, assuming all debt was converted on that date a total of 354,639,437 shares of common stock would be issued. To date a total of 33,704,561 has been issued pursuant to conversions of the assigned creditors."

The conversions are/were yielding approximately 1,400 shares per dollar.

Open market buys are currently yielding approximately 77 shares per dollar.

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Incorporated by Gary Spaniak, American Settlements, LLC is located at 934 N University Dr # 202 Coral Springs, FL 33071. American Settlements, LLC was incorporated on Tuesday, August 02, 2005 in the State of FL and is currently not active. Gary Spaniak represents American Settlements, LLC as their registered agent.

http://www.corporationwiki.com/Florida/Coral-Springs/american-settlements-llc-2364887.aspx

Spaniak and "connections"...