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BBDA - Toxic Financing and Dirty Past

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nodummy   Wednesday, 02/22/12 01:15:45 AM
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BBDA - Toxic Financing and Dirty Past


The Stephen Carnes Reign

BBDA was previously known as Renovo Holdings.

Renovo Holdings was a shell controlled by securities fraudster, Stephen W. Carnes who was named in SEC Litigation for his involvement in a scheme to evade the registration provisions of the federal securities laws by selling billions of shares of stock issued by microcap companies to the investing public without adhering to the registration requirements of Section 5 of the Securities Act of 1933. Also named in the SEC litigation was a company controlled by Stephen W. Carnes and his good buddy, Larry Powalisz, known as K&L International Enterprises, Inc.

When Stephen W. Carnes took over control of the Renovo Holdings shell in May of 2006, the shell had large debts owed to Cornell Capital (aka YA Global aka Yorkville Associates). Cornell Capital has a very dirty history of doing toxic dirty debt deals with penny stocks then using those debt arrangements to dilute down the value of the stock leaving lots and lots of common investors with heavy loses in their wake.



Carnes immediately began using Renovo Holdings to issue debt Notes to himself through his and Powalisz' company, K&L International Enterprises, Inc, all while issuing hundreds of millions of shares to Cornell Capital towards their existing dirty debt arrangement.

The attorney providing the legal opinions to make the shares issued towards these dirty debts for Renovo Holdings under the Carnes reign was Barbara A Moran.

Barbara A. Moran was also the attorney for ACLC which is a Christopher Davies controlled shell with connections to James Watson who is the former CEO of GRDO. GRDO is another shell which has debt controlled by Carnes, Powalisz, and K&L International Enterprises, Inc.

This group of Carnes, Powalisz, Watson, and Moran is very close.


According to the last 10Q filed by Renovo Holdings before Stephen Carnes deregestered the stock and passed the shell on, the only debt still owed in July of 2008 was to Carnes. The shell owed him $830,666 in accrued salary and $188,000 in debt Notes made out to K&L International Enterprises, Inc.


The passing of the shell and major dilution

Before being passed on to Brian Weber, the shell was briefly controlled by Rodrigo Makarios from September 2008 to April 2009. It was under Makarios that the business operations switched to a bottled water company called Bebida Beverage Company.


Between September 2008 and April of 2009, over 3,070,000,000 shares were issued towards Debt reduction.

On April 9th, 2009, Bebida Beverage Company was taken over by Brian Weber. Bebida Beverages was changed to the language friendly form of BeBevCo.

Later in December of 2009, the Bebida Beverage Company Nevada entity would merge with Brian Beverage Company which was a Wyoming business entity set up and controlled by Brian Weber back in November of 2008. The surviving entity would become Bebida Beverage Company, a Wyoming entity with Brian Weber as the CEO.

No filings whatsoever were done between October of 2008 and October of 2009 when Brian Weber filed an initial company disclosure and information form with the OTC on October 16, 2009 which has since been made inactive along with over 40 other OTC filings.

Between April of 2009 and September of 2009, another 2,725,000,000 shares were issued towards Debt reduction. By September 30, 2009 there were 6,394,877,549 outstanding shares.

By December 31, 2009 the outstanding share count had grown to 7,446,754,216.

By March 31, 2010 the outstanding share count had grown to 9,277,814,489.

By June 31, 2010 the outstanding share count had grown to 12,343,269,035.

Nearly all of those shares were issued toward debt Notes and for "capitalization" which is just another phrase for dilution.

BBDA raised the authorized common share count 4 times during the first 5 months of 2010.

Then on October 7, 2010, BBDA executed a 1:1000 reverse split.

The Legal Counsel during this time started out as Arthur Piervincenti then was changed to McMullen Associates, LLC. then in 2011 was changed to Harold Martin.

The Investor Relations role during this time went from Chris Hoffmann Jr. (C. Hoffmann Communications, Inc) to K. J. Crutchely (Kelbec Communications) to Jeffrey Staller (Heritage Corporate Services) to Wall Street Branding


The Reverse Split and continued dilution

Sometime after Brian Weber took over the debt Notes once again began appearing in the name of Cornell Capital under their new alias, YA Global. Just going off of the information in the filings, the first mention of YA Global as a debt Note holder in place of K&L International Enterprises Inc doesn't appear to have happened until some time in early 2011 after the 1:1000 reverse split.

Following the 1:1000 Reverse split the outstanding share count was reduced to 12,330,925 and the authorized share count was reduced to 500,000,000.

Immediately following the 1:1000 reverse split 19,000,000 shares were issued towards executive deferred salary owed for 2009.

The debt Note conversion and capitalization picked right back up again. During the last quarter of 2010, 600,000 more shares were issued toward debt Notes owned by YA Global and 7,250,000 shares were issued for capitalization.

The outstanding share count grew from 40,680,926 on December 31, 2010 to 80,793,437 on March 31, 2011 then to 346,264,025 on June 30, 2011 then to 483,814,779 on September 30, 2011 then to 846,111,020 on December 31, 2011.

During the 4th quarter of 2011, the YA Global debt Notes were transferred to Redwood Management LLC.

All total in 2011 another 230,000,000 shares were issued towards debt Notes owned by YA Global/Redwood Management and another 510,000,000 shares were diluted for "capitalization".

The thing that confuses me most of all is that BBDA has claimed to be making a lot of money off of their product over the past two years, yet the company chose to dilute down the value of their stock hurting the investment value of its shareholders by issuing discounted free trading shares to debt Note holders and diluting shares into the market instead of paying off their debts with their profits. The whole thing seems very dirty and selfish to me.

The Authorized share count was raised to 1,000,000,000 in December of 2011 and then to 1,500,000,000 in January of 2012. The trend in the share price suggests that some dilution has continued since the New Year despite the company's claims that they have finally paid off all of their debt Notes.


Some research on Redwood Management LLC

Redwood Management LLC is a Florida Business entity controlled by Gary Rogers and John DeNobile.

Gary Rogers and John DeNobile both have long histories in the penny stock world and a long history together. Both Rogers and DeNobile owned shares of Glyconix Corp when it filed to go public back in 2005. Rogers through his companies MAK LLC and Hammock LLC and DeNobile through his company, JED Management.

DeNobile and Rogers also both have ownership in a financing company called Blue Marina Investments


Rogers through his company, MAK LLC, also held an initial stake in Nobile Quests Inc when it filed to go public back in 2005.

John DeNobile through his company, JED Management, has held a large stake in Center For Wound Healing, Inc (CFWH). CFWH shares the same address as JED Management, and DeNobile has been a Director for CFWH since 2005.

Through Redwood Management, Gary Rogers and John DeNobile have quickly become a toxic financing company of Note. They have done toxic debt Note agreements with quite a few penny stocks over the past several months including AvStar Aviation Group, Inc. (AAVG), Pervasip Corp. (PVSP), Social Media Ventures Inc. (SMVI) - no bid, eDOORWAYS Corp (EDWY) - recent reverse split, Juniper Group Inc. (JUNP) - no bid, Wellstar International (WLSI) - no bid, Total Apparel Group (TLAG) - no bid.

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