All,
I have been contemplating the sudden appearance of Burrington Capital, LLC and here are my findings vs conclusions:
a) The last r/s was not approved due to a lack of votes.
b) I ran a quick search on Hoovers and did not find Burrington Capital, and this raised a brow. IMO "something" should have popped up in results. Was this entity recently formed?
c) Although I have not yet checked to confirm, I believe Yorkville is based out of New Jersey.
d) Burrington, as noted in the filing, is based out of Westfield, NJ.
e) Burrington acquired 9.9% of the company just prior to Neom's filing.
f) Neom's filing specifies that YA has notified Neom of pending foreclosure and Neom is now seeking a 1/15 r/s and an increase in the A/S to 7.5 B.
There are several ways to interpret the sudden appearance of Burrington and their equally sudden acquisition of the identical % ownership as YA (a specific limitation imposed per their arrangement with Neom). Some interpretations are positive while others are negative. I have chosen what I believe to be the worst case scenario, and I consider it likely.
IMO, This company just purchased the insurance needed to ensure "YA's" vote carries this time. YA is limited to 9.9% ownership and therefore either created a new company, or engaged a partner company to participate with them and ensure the vote carries in May.
My question is now, "Where did these shares come from???!"
There is hardly a doubt in my mind of the intent here. However, while the light is not bright in this cave, should my conjecture prove accurate one thing seems certain to me...YA wants out and Neom appears more than willing to help.
The million dollar question (literally speaking) is, "What is the passage of this vote intended to do?" [\b]
a) Is the purpose to prepare the company with the shares necessary to raise capital once the A/S is approved?
b) Is the r/s designed to prepare the company for a listing on an exchange?
c) Is the r/s intended to make the company more attractive for acquisition?
d) Are both the r/s and increase in A/S intended for YA and BURRINGTON to continue YA's relentless ways and dilute us into nothingness?
Bottom line..."none of us knows....not one of us, regardless of anything anyone states." We can merely hope this is setting up for better days, yet I count on nothing.
"ALL" of the above is PURE speculation by an investor who wishes he'd never laid eyes in this abomination. DO NOT take my words as fact, perform your own due diligence. All is JMO.
Best,
BC
