Blackstar's trading platform doesn't protect anyone from entering into agreements with these predatory lenders. Many companies with no business like this one got flushed on en masse in late 2021 with the rule changes. Blackstar is struggling with these very old notes and you don't see toxic terms like this being written much anymore since the SEC cracked down on toxic share dumping. The problem with these notes are that despite the terms with steep discounts to market they could be selling for a loss after the 180 day holding period. This is why we see the S-1 offering that received its notice of effect last July advertising the three nasty convertible notes.
Diagonal lending and GS Capital were very fortunate to be able to exercise the conditions of their notes when this was trading in the very deep trips. But Blackstar screwed over GS Capital right? Then GS Capital filed the lawsuit for failure to deliver shares and was able to get a restraining order preventing Blackstar from trading any new shares. So did Blackstar miss their opportunity to move any of the debt in the S-1 offering? GS Capital has their conversion price of $0.00012 locked in. Quick Capital has theirs locked in as well with the discount to the lowest trading price during the delinquency period under the terms of default. The people running this company aren't exactly brilliant. 🙄 What happens when they aren't able to con retail traders into paying for this mess?
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