PHI Group Inc (PHIL)

[mythical_phenix]

Let us think about this for a moment. ... LOL!

PHI Group, Inc. (OTCQB: PHIL) (PINKSHEETS: PHIL), a company focused on energy and natural resources, announced today that it has delivered 3,288,443 shares of the Company's common stock to the majority shareholder of PT Tambang Sekarsa Adadaya ("TSA") as a deposit towards the total purchase price for a seventy-percent equity ownership in TSA, an Indonesian company that owns 9,690 hectares of coal concessions purportedly with 71,038,925 MT measured coal resources and 205,334,343 MT indicated coal resources in West Sulawesi, Indonesia.

Henry Fahman, Chairman and CEO of PHI Group, met with its corporate counsel and the majority shareholder in Jakarta, Indonesia January 23, 2013 to deliver the share certificate to TSA and plan for the technical, legal, and financial due diligence reviews before the closing of this transaction.

Let us assume for the moment that TSA does indeed somehow control vast coal resources. They are going to sell 70% of that in exchange for a piece of paper whose current value based on the most recent share price ($0.65) is less than half of what it was valued when it was issued. From the most recent 8K:

On January 10, 2013, the Registrant issued 3,288,443 shares of its $0.001 par value restricted common stock at the price of $1.5965 per share to the majority shareholder of PT Tambang Sekarsa Adadaya (“TSA”), an Indonesian company, towards the total agreed price for the Registrant’s purchase of seventy percent of equity interest in TSA.

The actual value of this piece of paper is difficult to determine because there isn't enough trading volume to cover it.

Who is paying for the 'technical, legal, and financial due diligence review'?

Add in the fact that the company issuing the certificate is seriously delinquent in its SEC filings and I have to wonder who's zoomin who here?
--