I checked the Form 4 from Nov 1st - Terry holds 10,649,949. It seems that Gary Lee holds another 5,555,556 shares. I don't believe he has to report because he is not with Heartland, but rather with Lee Holdings. The numbers are the same, but I don't believe Terry holds 15+ million.
Note F:
On November 1, 2010, the Company entered into and closed a Shares for Debt Agreement (the “Debt Agreement”) with Gary Lee (a relative of Terry Lee, the Company’s Chief Executive Officer) and Lee Holding Company, L.P. (“Lee Holding Company” and collectively, the “Creditors”).
They were given shares, which I believe the company had bought, valued at .18. In return, they canceled 2 million in debt - each "lost" one million. If they sell these shares at .50 each (conservative) they make 1.5 million profit each. Good deal for them, good deal for Heartland, good deal for us.
