Maybe all the dilution they have been doing has been for a reason? Wow imagine that huh.
"The agreement for purchase of the Picasso shall be contingent upon Artfest obtaining the funds for purchase. If a commitment for financing is not obtained by Artfest within 30 days from the Effective Date of this Agreement, all rights of assignment of the Picasso to Artfest shall become null and void, unless extended by written agreement between the parties."
Assuming that they posted the PR on April 30th for the finance commitment, which was 30 days from the Effective date of the agreement that was dated March 31st, I would think that we are moving ahead with this as planned.
Additionally, it says in the report that when we purchased this piece, we get all copyrights along with it. It says "Seller confirms all rights of ownership to include all copyrights, rights to duplicate, and Seller warrants all legal right thereto with full authority to transfer said rights to Artfest"
This means that Artfest could have 500 of these duplicated and numbered, selling them for $1,000,000 each. That is $500,000,000 in assets. Will they do it? Don't know. But it is nice to know that they could. However, by doing this, they would lower the value of the original.
