The Authorized cannot be reduced because ......
It has nothing to do with SAND owning 203M+ free trading shares.
To reduce the authorized 58% from 5B to 2.1B requires majority vote and the SEC filing. This is why you can't believe anything posted about FBEC on Ihub or other websites and blogs. It is heavily promoted by Heimann and Spatafora "Wolf of WeedStreet". There are four major problems:
1. The reserves with Securities Transfer Corporation, FBEC's TA, exceed 2.1B. These reserves were placed as a part of the notes with Beaufort Capital Partners ("BCP"). BCP owns an assignment of debt for $104,081.81 at conversion features of $.0001. This is a 1B+ share reserve. There are several other notes with BCP and other note holders with reserves of about 1B+ shares, not to count the existing 240M+ shares and the future shares required to raise additional capital. It is virtually impossible for FBEC to reduce the authorized by 58% unless BCP authorizes the TA to cancel the reserves.
2. It is still not confirmed as to who owns the majority vote. If you recall back between September 9, 2015 through September 14, 2015 there were 8K filings in regards to the DISMISSAL of SAND and the APPOINTMENT of Heimann and Spatafora. Maryse Mills-Apenting, Special Counsel at the SEC and FINRA are most likely investigating whether or not Heimann technically owned the 1000 Preferred Series-A shares held in Escrow prior to the 8K filing of 9/11/2014, and these shares were in the name of S&L Capital Llc. The "Red-Flags" are huge here, which could result in a Caveat Emptor for several State and Federal violations of Securities Codes. I believe that the Wolf would continue trading FBEC on the Gray-Sheets...
3. It is most likely that the State of Wyoming has been informed by Federal Agencies that Heimann does not officially own 66.7% of the FBEC vote until their investigation is complete. This will take some time. It is a mystery how Heimann took control of Vinyl Groove Records and ownership of the 1000 Preferred Series-A shares (owned by Vinyl Groove Records and held in Escrow) in just 3 days that held 66.7% of the vote without properly following the Terms & Conditions of the share purchase agreement between S&L Capital Llc (SAND) and Vinyl Groove Records. SAND had paid for the 8,999 Preferred Shares and converted them on May 6, 2015 for 53M+ free trading common shares. As of September 14, 2015 the 1000 Preferred Series-A shares were still in Escrow under the control of SAND's lawyer, Callie Tempest Jones of BCJ Law in Salt Lake City.
4. Of course, this doesn't exclude other possibilities that the SEC and FINRA are investigating further allegations between SAND, Spatafora, Heimann and his lawyers Gary Henrie and Matt McMurdo. Anyone can read the 8K filings and connect the dots here.
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