In 2006 the shell entered into an advisory agreement with Ludvik Nominees Pty Ltd, a company owned by Frank Kristan. Under the advisory agreement Frank Kristan was compensated $30,000 a month. Frank Kristan never received any cash and it accumulated and collected interest. On June 30, 2010 when Frank Kristan stepped down he was owed a balance of $1,503,167 which went on the SAVW balance sheet as a shareholder loan.
The $1,503,167 balance was determined the following way:
Advisory Fees $ 1,260,000 Accrued Interest 727,417 Value of shares issued for payment (484,250) ----------- $ 1,503,167
According to the filings Frank Kristan has been taking chunks of the debt and assigned it to other investors a little bit at a time - probably because as a former CEO there may be some restrictions on him receiving and selling free trading stock. Maybe those other investors were family members or close friends willing to sell the shares for him?
Market Data 
Markets 
AI
