Replies to post #57329 on Labor Smart Inc (LTNC)

[cpw13154]

This is why reporting news from a couple weeks ago is important as from that question if we are sure. I mean its been posted and confirmed yet we still ask.

Item 5.01 Changes in Control of Registrant



Due to the cancellation of the common stock and preferred stock as described above, there has been a change in control of the Company. Labor Smart, Inc. now holds majority voting control of the Company through its ownership of one share of the Company’s preferred stock.

Right from TSGL

[DD2Gain]

Schadel is probably THE majority shareholder in TSGL:

30,120,013 shares of Common Stock

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11307656



Labor Smart owns 3,758,618 shares of Common Stock

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11039041


Schadel just doesn't have controlling interest anymore.

1 share of Series A Preferred Stock owned of record by Labor Smart, Inc., a Nevada corporation. Such share will be transferred to Kimberly Thompson, a resident of Douglas County, GA, upon the consummation of the transactions contemplated by this Agreement.

But it still leaves a very big question about the "arms-length" connection between LTNC and TSGL when LTNC is a majority shareholder and the COO of LTNC is also the CEO of TSGL and holds sole controlling interest of a company that just signed for a giant loan from a very aggressive Cayman Islands toxic lender who is expecting repayment of roughly $1.5 million by October 5th despite the fact that TSGL has exactly $0 in revenue.

I suspect Schadel may be making his own offshore plans and Kimberly Thompson is going to find herself in a world of hurt for her boyfriend.