Nano Global Inc (NNGB)

[gacounsel]

What a scam. The Board increased authorized common stock to $1 billion and the "Board has arranged $1,000,000 of financing"? Essentially, GW awarded himself more company shares which he'll sell on the open market. He'll give some of that money to the company, which will give him convertible NNOS debentures. If anything productive happens by pump or otherwise, he'll convert the debentures to shares and make more money. In the meanwhile, everyone else's shares get substantially diluted.

The company presumably will take GW's money and spend it on its product. If the stock tanks, GW already made his money and has a claim on any assets the company purchased with his new-found money. He's got zero risk, and diluted the hell out of everyone else's shares. I've got to say, this is more of the same.