17.5% ? Isn’t it actually about 2.2 %. Let me run through those numbers here: McMachen 3,514,042,158 shares Fleming 75,000,000 shares kept Schiff 50,000,000 shares kept Crist 50,000,000 shares kept Three unnamed consultants (wonder who this is guys?) 325,000,000 shares. Kaptiva Group (a business broker) gets 150,000,000 free trading shares. Even though Article 3 of the purchase agreement states: “Neither TGLN nor any person acting on behalf of TGLN has negotiated with any finder, broker, intermediary, or similar person in connection with the transaction contemplated herein.” That is 4,164,042,158 Golden Gate now gets their 9.9% or 412,240,173 and reloads as they sell it (a whole nuther story). Total owned by above: minimum of 4,576,282,331 shares once GGI demands their shares. Now according to the filing, McMachen owns 82.5% of the O/S. That is 3,514,042,158 shares based on the filings. The remaining 17.5% is 745,402,882 and then let’s look at that. Take away the 650,000,000 owned by Fleming, et al and the consultants and the broker and that leaves 95,402,882. That means, instead of 17.5%, isn’t it actually about 2.2 %. Or are you counting Fleming and the rest in the same group as people who actually paid money for their shares? So please, show me where my math is wrong. Pennymaverick said that by issuing 3,989,042,158 (those are BILLIONS) new shares and then “giving back” 150m, “all of the existing shareholders …are better off”. I just can’t see it. Nothing shows “Sterling” has brought any real assets into this deal, according to the filing they “own” two yachts that have loans on them and no other hard assets. Apparently their real asset is their name, but they didn’t bring McMachen Yachts into the deal, why’s that? So now a company with a market cap of $594,447 has over 4.5 BILLION O/S. And you don’t see a 10,000 to 1 split coming very soon? There A/S is 5 billion, so they don’t have much room left to fill Golden Gate/Golden State’s orders for (discount) shares.
