It would appear as if that is the purpose of the Jan 25 hearing. It would be in the interest of Blackstar to push a judgement on this case out as far as possible in my opinion. It is telling for me that this company has managed to enter into note agreements that have valued their stock at dumpster fire prices. The GS Capital Partners October 11th 2021 was partially converted, Blackstar just appears to have held back the rest of the conversions. As it is, they converted 698 million shares from Q1 through Q3 to retire only $116K of debt. That is $0.00017 a share and one note holder held roughly 600 million shares of that and is banking an obscene return on their money.
It would appear to me that the lenders conduct actual due diligence and covered themselves. What has been demonstrated for years now is that the Blackstar Digital Trading Platform ("BDTP") cannot be monetized because of regulations governing securities. The issuance of the system and method patent defined by this trading platform makes no difference. Traders knew this in early October when the trading price was as low as $0.0001.
NOTE 7 – CONVERTIBLE NOTES GS Capital Partners made a $5,933 partial conversion, in two tranches, of the principal portion of their October 11, 2021 note together with accrued and unpaid interest of $1,267 into 59,998,666 shares of the Company’s common stock at a conversion price of $0.00012 per share under the conversion provision and terms of the note agreement.
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.
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