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Monday, August 19, 2013 11:41:18 PM
Regarding all of the press releases and financial statements issued prior to January 2012 have been determined by the accounting firm of L L Bradford as being unsubstantiated.
In the December 2012 update, Herzog attested that the statements made by the accountant were correct thus admitting that BGMO disseminated false or misleading press releases and financial statements prior to January 2012.
Prior target companies had raised funds but their partner, BGMO, never delivered.
Suntrough raised funds from third party investors and received a significant government grant.
GreenSafe raised funds from its key shareholder and also raised a further $ 110 million in debt capital from a major German bank subject to BGMO coming to the table with equity. The company also received or had caused to delivered other government assistance. The company apparently had commitments to deliver goods to them for processing.
The agent that the target company hired to find money did get the best deal by getting a "firm" funding agreement from BGMO in less than a year from being hired. Herzog presented reams of signed financing documents indicating tens of millions earned monthly from a high yield investment program.
BB Solar was a joint venture of Big Leaf and BGMO. The company was named by Herzog. BGMO was a 60% owner of the joint venture.
No permanent capital was required by BGMO. Only some short term purchase order financing was required. Given the decades of experience in the rag trade, Herzog should have been able to deliver this through Platinum Funding.
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