If you read this post...It will clearly demonstrate how Glenn deals with debt...these are some of his first actions as CEO when he took over this mess.
Repost b/c someone removed sticky. Post belongs up b/c it's a historical summary quick read.
Every long owes Glenn Laken, CEO, a bunch of gratitude. He has saved this company from going completely under. Most of you know that I have been around a long time...before the stock went to .40 from .025. Here is my synopsis of the past 8 year history, starting with Pebble Beach.....
1. Around Feb 08..CMG inc. rev merges into Pebble Beach inc. Pebble beach management resigns and Morrel, Ennis, and Vendetty take over. Collectively there are 80 shareholders. AS is 150M
2. May 08 they close agreement..roughly 40M OS split by previous and new management.
3. Ennis almost immediately issues 12 convertible notes
4. In 2009, after foreclosing on 150k note to wagner, XA and all assets are acquired. Nice start to a friendly working relationship eh'
5. Morrel and company fail to bring in any "real revenue's" but XA seems to be doing well...Convertible's continue to be issues.
6. PPS goes from .024 to .40 when OS was reasonable.
7. Notes issuance continue's
8. Shareholders, Mr. Laken, etc...inquire why Ennis is hands off manager and
9. LOI for AudioEye 9/2009
10.3/2010 they finalize on AEYE
11.Notes continue to be issued.
12.Management creates large salaries..issues shares
13.Glenn Laken questions management
14.Management doesn't like it.
15.6/11 management announces AE spinoff realizing it cant fund them
16.8/12 they finally close AE deal
17.9/12 CEO Morel steps down. Ennis takes over.
18.Glenn Laken leads shareholders to effect change in control of CMGO
19.11/12 Official notice given to Ennis of change of control
20.11/12 GL and holders demonstrate 162M shares(55%) take over co
21.Glenn appoints highly decorated Jeff Devlin to BOD
22.12/12 Joe Wagner appointed COO
23.Glenn is literally handed garbage bags full of documents, files, etc
and has to make sense of just what past management did exactly. Starts due diligence process on XA etc.
24.2/13 AEYE shares dispensed
25.Glenn see's more clearly the mess he has been handed and calculates appx 100k Notes and 165K penalties on books..
26.Glenn Laken, CEO, develops plan to eliminate debt with AEYE shares.
27.4/13 Glenn retires Asher note saving 16.5 M shares
28.Glenn Laken, CEO, continues to clean house and get clarity on mess he was left, 8/13 announces great success in his negotiations to reduce the OS by appx 11.5% === returns 40M shares to treasury. Gets 85K note cancelled
29.During same month, re negotiates Morrels walking package, kills options and outstanding note resolved for 2M shares eliminating potential 18M to convert.
30.10/13 announce sale of AEYE shares for 1.5M..plans to eliminate all debt and inject capital into XA
31.11/13 Glenn laken pays off more debt and announces that he received 85K from Audio eye. Tells shareholders they are about to have zero convertibles on the books for first time in 3 years.
32.1/6/14 Glenn Laken announces for first time in company history it is debt free.
33.2/14 announce hiring of Burkhadt and step down of other board members.
Burkhardt comes with stellar past successes.
34.4/14 announce acquisition of Good Gaming inc.
35.4/14 CMGO announces share repurchase program effective to 4/16
36.7/14 Glenn realizes that Burkhardt is not doing what they agreed upon and announces his termination
37.9/14 Glenn accepts Devlins resignation as he provided little value to growing the business, but like Burhardt was expensing travel...etc....
38.11/14 Glenn Laken, CEO announces forensic investigation into XA revealed substantial patterns of fraud by XA management and execs. Announces lawsuit in supreme court of NY against XA fraudsters.
39.3/15 XA's asset sale to CMG finalized.
40.7/15 Glenn Laken, Chairman and CEO of CMG Holdings announced today that Company management has arranged financing for all litigation costs related to CMG’s civil RICO lawsuit against Hudson Gray, Studio AG, Mixed Company and the Hudson Defendants. Under the terms of this arrangement, CMG’s only financial responsibilities will be out of pocket expenses, such as experts and deposition costs. In return for said funding, CMG has agreed to share any recovery costs on a 67 - 33 split basis. Mr. Laken noted, “This financing arrangement is a critical component for the Company, to assure that shareholder’s claims against Hudson Gray are vigorously litigated and collected without any danger of coming up short monetarily.”
41.9/23/15 Glenn announces: CMG Holdings Group, Inc. ("CMG") is pleased to report the debt securities owned by KBM Worldwide (Asher) and its affiliates have been bought by pension funds, and are now in the hands of investors whose interests are aligned with the Company. Additionally, CMG has secured a 30-day option on its remaining toxic debt stating, "we expect to place the remaining debt in similar hands, and by so doing, pave the way for the company to move back into growth mode, which we expect to include strategic mergers and acquisitions, spin-outs, and other shareholder friendly activities." Management expects to make informational disclosures concerning these activities in the near future.
42.Glenn Laken, CEO, carries on with essentially no revenues. Funding the company on his own, he strives on.
43.9/25/15...CMG Holdings Group, Inc. (OTCQB: CMGO) announced today it has signed a letter of intent to acquire E&E Enterprises Global, Inc.
44.Hundreds of Long Shareholders give Glenn standing ovation during sharholder gathering....not really, but should happen, he deserves it.
45.10/8/15 CMG Holdings Group, Inc. (OTCQB: CMGO) today announced it has signed a letter of intent to acquire Blue Horizon Concepts, Inc. ("BHC")
46.10/15/15 CMG Holdings Group, Inc. (OTCQB: CMGO) today announced it has signed a letter of intent to acquire Transmit Program Management LLC ("TPM")
47.11/15 the Company has signed an agreement to spinout its majority owned subsidiary, Good Gaming, Inc., into a publicly traded entity currently operating as "HDS International Corp. (HDSI/OTC)"
48.2/18/16 HDS International Corp. and CMG Holdings Group, Inc. (OTC PINK: HDSI & OTCQB: CMGO): Glenn Laken, Chairman and CEO of HDS International Corp.'s ("HDSI") parent, CMG Holdings Group, Inc. ("CMGO"), announced today that the spin-out of Good Gaming is now complete.
No matter what anyone says on these boards, it is clear and obvious, that we have a strong CEO of high character and will. Not many men would have taken on this herculean task, and with that being said, here we are with CMGO alive and with great prospects. All of this crap was dumped on him within his first month as CEO, yet he has carried on.
Tremendous potential thanks to Glenn Laken, CEO and Co.
Cheers...
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