Acquisition of a mystery company.. my thoughts
Announced today: "Artfest International, Inc. Acquires Controlling Interest in a Publicly Traded Company --for cash."
No name.. no stock symbol.. no info whatsoever. So either Eddie's lying or he's up to something. I don't have ANY proof of the following but (IMO) here's one possibility:
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A few weeks ago there was an feeble effort underway in Dallas to re-launch a new version of an old art based MLM that Eddie was previously involved in several years ago which ultimately went bankrupt. However, before this new version could get off the ground, they suffered a MAJOR setback and the whole thing began to fall apart. What followed (I'm told) was/is a big power struggle which included accusations, defections, etc.
I understand the acting owners/directors have been trying to persuade the remaining members (investor/creditors) to convert the IOU's issued to them by the company into shares of STOCK in a new, restructured version of the company. The conversion deal also requires members release the company from any and all liability.
As far as I know this is NOT a publicly traded company --at least not yet. I'm told they have virtually no product sales, very few assets and many liabilities. All they do have is a small, sad group of people who were sucked into giving their hard earned money over to a charismatic pied-piper (who is now gone for good) in the hope of big financial rewards someday.
I suspect this >>"might"<< possibly be the company hinted at in this press release today. If it is, I personally think it's virtually worthless and not likely to boost the stock. If it isn't, then we'll just have to wait till Eddie comes clean about his statements.
Again.. I have no proof that there has been any communication or connection between these entities and parties whatsoever. My 'safe harbor statement' applies as well ;)
