OK:
Pertinent Info:
VTI = Vergetech An IT staffing firm (you say), A B2B play (Phil says). Officers : Phillip Vergis
Ownership: PV 25%, PV family 50%, Mystery 25%
Revenues: ~$1.5 to $2MM
Augustine Fund "bought" it for $3.4MM
Now if it is a "Convertible Note" - this says Augustine only "LOANED" Vergetech $3.3MM, and for that loan, Vergetech agrees that Augustine Fund can convert whatever is owed to them into stock at some later date, usually at an agreed-upon share price. I find it hard to accept that the statement "Augustine bought it" to be valid unles you explain how that can be established. I thought Phil still owned Vergetch and that that is what he used to buy IPVO from Augustine. What you have said is the exact opposite of my statement.
You have failed to tell me the terms of this CD including agreeed upon share price (if established), interest agreed upon (if any), and time frame upon which it has to stand un-exercised or when they are allowed to convert said loan. Also you have failed to tell me if there are any other condition that were put on this loan either at the time it was initiated or any later date as things progressed. Does this CD have a stand-still agreement attached to it?
Now the loan deal with NMKT and VTI - let's leave that discussion until we get the first phase of the dealings ironed out so everybody understands tham in the exact same manner. Same for the info as to why he is raising money for VTI.
Baby steps here, one step at a time. Too confusing to fly over the canyon until we are walking, so please quit putting me in your helicopter until I am ready.
