OK so, IPVO, a defunct shell of a public company of which Augustine Fund is a MAJOR shareholder, got together with PV, Sole Officer and 25% owner of VTI which fully owned a sub called Vergetech. Vergetech wanted to be public and IPO wanted some revenue stream, so IPVO bought Vergetech from VTI for $3.3MM. However, evidently you are saying IPVO did not pay the $3.3MM, but their major shareholder, Augustine Fund, paid the $3.3MM in a form of a note given to VTI. VTI had the option to convert this note to 22MM shares of the new IPVO (which now had Vergetch folding into it). VTI converted the note, and to this day owns this 22MM shares of IPVO.
So Phil and family and mystery did not get paid for their little Vergetech company in cash, they just got 22MM shares of the new merged co. of which the directors all resigned and I guess, left Phil to then step in an be the director of the new co (IPVO with Vergetech folded in).
This sounds pretty straightforward to me and I see nothing of concern in this arragement yet. Why should I be concerned here? Phil, et. al (VTI) got 22MM shares of the company that took over his subsidiary at .15/share and PV was set up as the new director - what is wrong with this?
Now, I know you have a whole lot more of other dealings to inform me on, but this inital deal that got things rolling seems rather up front. I will think on it tonight and see if I have some issues that I am ovelooking.
AI
