Replies to post #58773 on Pilgrim Petroleum Corp. (PGPM)

[integral]

The Form D filed specifically mentioned they "sold" $3 million in debt securities, which includes derivatives and forms of conversions.

However, securities cannot be sold and duly purchased in a bone-fide transaction without being paid for. The issuer in many cases depending on jurisdiction can issue the securities without full payment, however, the board of directors are liable to collect on the payment as the securities are not paid for.

This one is going to be interesting for the signers of the Form D if $3,000,000 has not been collected, as they made it clear the securities were "sold".

The company, its management and the BoD have caused them into a pretzel. No way out and no ending. What a mess.