I think probably Robert Press of TCA Global Credit Master Fund LP is very thankful to everybody here for making him a lot of money.
TCA Global Credit Master Fund LP (which is a Toxic lender based out of the Cayman Islands run by Robert Press) signed a revolving credit facility agreement for up to $2,000,000 for CDII back in 2014.
I'd love to go into Bob Press's dirty history, but I'll stay focused on CDII in the post.
CDII ended up drawing $650,000 from the credit line which it was supposed to pay back by December 12, 2014. CDII was unable to pay back the money so TCA Global filed a lawsuit in Broward County, Florida to demand repayment on the defaulted loan which can be looked up (including all filed documents related to the case) at the following link:
As of April 15, 2015 the amount due to TCA Global from that $650,000 loan was $726,268.60 (because of interest) plus $106,115 in fees and expenses related to the agreement. (so $832,383,50 total).
According to the agreement if CDII was unable to pay back the money, TCA Global could demand repayment in free trading stock at 85% of the average lowest market price over the previous 5 days.
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CDII tried to counter sue, but that didn't go very well. TCA Global had them by the nuts and there wasn't much they could do to get out of the ugly toxic debt situation they were stuck in.
According to an 8K filed by CDII on October 15, 2015, the two sides allegedly agreed to suspend the lawsuit.
TCA Global would extend the repayment date on the loan until November 30, 2015 with the understanding that CDII would begin making monthly cash payments to TCA Global of $40,000 starting on November 30, 2015 until TCA Global was paid back the total principal amount plus interest totaling $765,132.54. Presumably if CDII was unable to make its first cash payment of $40,000, TCA Global could then go ahead and request to be repaid in free trading stock starting December 1, 2015 at an 85% discount to the average lowest market price over the previous 5 days.
Based on the events that have happened this week it seems likely that:
1) CDII was unable to make the first $40,000 cash payment due on November 30, 2015.
2) TCA began to call for repayment in free trading stock at an 85% discount to the average lowest market price over the previous 5 days.
Based on the average lowest price from the previous 5 days (approximately $.0014/share) then applying the discount TCA Global would be getting their free trading shares at approximately $.0012/share. $40,000 converted at $.0012/share would be 33,333,333 free trading shares. Obviously if they were able to start calling for more and more of that defaulted loan to be paid back they could get tens of millions (if not hundreds of millions) more free trading shares of stock
3) Put out a very timely press release claiming that a purchase order for $350,000,000 worth of copper concentrate was received from an unnamed company
4) Let the price run up to $.07/share then begin unloading the paper mostly through AEGX at the top but then using VFIN and VERT on the way down. At an average selling price of $.03/share those 33,333,333 shares put exactly $1,000,000 in Robert Press's pocket for a mere $40,000 in debt.
5) Keep calling for more and more debt to be converted and keep dumping for huge profits while the company continues to facilitate the pump&dump scheme by issuing an 8K for the press release because they know how important the share price is to their Chinese creditors
6) Subsequent financial reports will show no income from this bogus offer that came from some unnamed company that may not even exist. No need to even bother with a future 8K announcing the offer was withdrawn or terminated.
Be careful here. $765,132.54 in debt is a lot of free trading shares of stock (even at the current price) and could possibly send this thing back towards its all-time lows again in the future.
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