buc, I posted that because people need to be aware of whats going on behind the scenes that they don't see, and this Directly affects our Equity. One of the Biggest and Riskiest Problems about a company like Michelex "Still Being A PINK SHEET" is that we do not have access to the Information that Investors would Normally have Access to, for instance;
The Details, and the "FINE PRINT" that is in that $3.5 MILLION, 3 year Convertible Agreement they signed with Moriah Capital? We Don't know the Details, but make no Mistake about "One Fact"! Anytime a company signs an agreement, "Loan", For Convertible Debt. like the one Michelex signed. The "Lender" has the Power Granted to them to make the necessary changes to the share structure for the shares to be issued to collect their Debt and Order the Transfer Agent to issue shares to the Debt Holder when the Time Comes that they are Due for Payments, and all sorts of various powers can be granted to them, they could even Increase the Authorized Number of shares if it's written in the contract.
Example;
In 2004, when Michelex Signed a $10 MILLION "Convertible Debenture", Revolving Credit line with Cornell Capital, they did a Private Placement of shares for $1 Million Dollars cash. This is what Cornell Used to Short-Sell the Company Stock "BIGTIME". The Credit Agreement they signed also gave Cornell Power to Do what they needed to do with the Share Structure and the Transfer Agent. They Manipulated the Share Price up to $1.54 a Share in Oct. 2004, and then Cornell "FORCED A 3 FOR 1 FORWARD SPLIT" Of the Common Outstanding Stock, because there were not enough Shares available for Cornell to Collect on the Debt. They then Shorted the stock from the .50 area down to the .01-.02 Single Digits. The CEO could not do anything to stop them from doing the "Forward Split", when he signed the agreement, he gave them the authority to do this, without even realizing it! Cornell was also the one who got the Authorized Share Number up to 1 BILLION, because after they shorted the stock down so far, they need "MILLIONS MORE SHARES" To pay the debt off than they would have needed at .50 a share. (See the Crooked ways the use?)
Now it is my belief that this NEW CEO is smarter than that, I doubt that they signed a deal that would give Moriah that much control, but even so, they still have a right to collect the debt and makes changes accordingly for the shares to be issued. We really need to company to file some SEC Filings, on the road to getting "ReListed", and allow Shareholders access to info like this deal with Moriah Capital.
Personally, I would like to know what happened to NIR? If they were paid off and are gone, I would like to be able to read about it. They shoud file some filing on things like this, because Michelex owed NIR $1.2 MILLION and that debt didn't just disappear, it either got paid off or they are still here?
