Explain to me how Bernard Finley selling his company named Centerpoint Brands Inc to HAON built shareholder value.
According to the HAON filings, HAON acquired Centerpoint Brands Inc on January 2, 2017 in exchange for the assumption by HAON of all the Centerpoint Brands Inc debt which totaled $210,671
The $210,671 was all owed by Centerpoint Brands Inc (Bernard Finley) to Quad Graphics Inc because of a bunch of services that Quad Graphics provided to Centerpoint Brands Inc between December 2015 and March 2016.
Since the acquisition, Centerpoint Brands Inc has yet to create even a penny of revenues for HAON.
Just the opposite of shareholder value occurred.
Bernard Finley included that $210,671.32 in debt as part of a 3(a)(10) deal with Northbridge Financial Inc (Samuel Oshana) filed in Manatee County, Florida on May 2, 2017. All total $369,793.44 in expenses were included in the Northbridge Financial Inc 3(a)(10) deal:
- $210,671.32 that Findley's Centerpoint Brands Inc owed Quad Graphics - $100,000 owed to their accountant Friedman LLP who HAON claimed was going to perform an audit for a Form 10 filing but never did - $4,322.12 owed to the HAON transfer agent - First American Stock Transfer - $24,800 owed to Lakepoint Business Services Inc (Bruce Harmon) for consulting services provided to HAON - $30,000 to Windsor Street Capital LP for acting as the broker for the 3(a)(10) debt to share transaction.
So $369,793.44 in total expenses were paid off by Northbridge Financial Inc (Samuel Oshana) in exchange for discounted free trading stock.
From the time the prearranged 3(a)(10) settlement agreement was approved by the courts on May 3rd until September 30th the HAON float grew by over 2 billion shares to 3,717,710,06 shares largely thanks to Bernard Findley having HAON shareholders pay off the debts of his other company - Centerpoint Brands Inc. The share price suffered as a consequence falling from the $.002s to the low trips.
Since Centerpoint Brands Inc has yet to make a penny of revenues for HAON, the only one that gained from that acquisition was Bernard Finley. He used HAON shareholders to pay off his personal debts. I wouldn't be surprised if Centerpoint Brands Inc isn't even in business any more.
That was the last acquisition HAON did prior to the recent HOPPS Companies acquisition which also was done in a highly dilutive fashion using an illegal 3(a)(10) stock issuance
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