Replies to post #7872 on BlackStar Enterprise Group Inc (BEGI)

[J2003]

Call the court to get info.

[Bubae]

It looks like the company quickly borrowed some funds after the lawsuit was filed then attempted to have the case dismissed. As you can see the case is moving along. Key phrase in the filing statement is "...attempting to settle the dispute by paying the note in full,.." This company is covered up in share conversions. That "increase the authorized shares of common stock" may come sooner than you think. 🤣

For the quarterly period ended September 30, 2023
https://www.otcmarkets.com/filing/html?id=17069009&guid=25J-k6VdULSidth

NOTE 10 – SUBSEQUENT EVENTS

In November 2023, the Company borrowed $50,000 and $25,000 from each of two unrelated individuals, repayable nine months from date of the notes with interest at 11% per annum. At maturity, the Company will repay the face amount of the loans in cash, including unpaid and accrued interest at 11% and, in addition, will issue 7,500,000 and 3,750,000 of the Company’s common stock, respectively, to each of the lenders. At maturity the lenders have the option to be issued, in lieu of cash payment of the outstanding debts, an additional 7,500,000 and 3,750,000 shares of the Company’s common stock, respectively, as full satisfaction of the principal loan amounts and related unpaid and accrued interest thereon.

On November 6, 2023, the Company was notified of a lawsuit filed in Clark County, NV against the Company by GS Capital Partners LLC regarding the unavailability of conversion shares relating to the Promissory Note entered into on October 11, 2021 and the remaining principal balance of $33,682. The plaintiff sought specific performance for the reserve of 700,000,000 shares, or damages in excess of $15,000, plus interest, costs, and legal fees. The Company has paid the note in full on November 15, 2023 totaling $51,196.71 in cash and issued no shares. The Company is attempting to settle the dispute.


ITEM 1A. RISK FACTORS
The risk factor included in the periodic report for the prior quarter ended June 30, 2023, is incorporated herein by reference.

The following additional risk factor shall be added:

A LAWSUIT WAS FILED AGAINST THE COMPANY ON NOVEMBER 6, 2023.

On November 6, 2023, GS Capital Partners LLC filed a lawsuit against the Company in Nevada regarding the unavailability of conversion shares relating to the Promissory Note entered into on October 11, 2021 and the remaining principal balance of $33,682. The plaintiff is seeking specific performance for the reserve of 700,000,000 shares, or damages in excess of $15,000, plus interest, costs, and legal fees. The lawsuit increases the company’s financial and administrative burdens and is a risk to the Company’s capital. Although the Company is attempting to settle the dispute by paying the note in full, there is no guarantee that this will settle the matter in its entirety. The Company may need to increase the authorized shares of common stock in order to accommodate any judgments or settlements, and the Company could be exposed to further risks of lawsuits for similar issues.