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Uni Core Holdings -

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gfp927z   Saturday, 06/16/12 02:38:55 PM
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Uni Core Holdings -

Looking at large shareholders, I see Ironbridge recently received 97.5 mil shares as part of a settlement for outstanding debt owed them of $1.48 mil. Based in the Virgin Islands, Ironbridge looks like an outfit that acquires debts at a discount and then takes shares of the company in lieu of cash. Ironbridge is limited to getting 9.99% of UCHC's outstanding shares, but if the share count goes up, Ironbridge can get additional shares up to the 9.99% limit.

Tonaquint reported owning just under 46 mil shares in May, the proceeds from converting their two convertible notes ($2.53 mil) back in late 2011.

Calculating the latest share count, Ironbridge based their 9.99% figure on 879 mil shares, so adding in their 97.5 mil shares gives a current share count of approx 975 mil shares, so figure 1 billion shares, giving a market cap of approx $780 K.

At the current pps of .0008/shr, Ironbridge's 97.5 mil shares are worth only $78 K, and Tonaquint's 46 mil shares (if they still have them) are worth only $37 K.

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