Whoa, clueless! 🤣 Even managed to get that blockchain word in there that pumpers have been using for months. 😆 I guess that is the best one is expected to do when faced with the words of the company in print. Diagonal Lending got 591,386,247 of the 698 million shares issued in 2023, mostly in Q2, at an average price of $0.00017. Yet Blackstar in the latest lawsuit update is whining about the profit GS Capital is making from the pittance that Blackstar received. We will see how far that plea goes at trial considering that they signed a typical toxic lenders contract. If this doesn't go Blackstar's way they will get crushed and is why they are spending a small fortune defending. Gives everyone a good idea of how much this fiasco is, and will be, costing those who have chased this false narrative.
I'm thinking that the $600K number that they list will be low considering that only $5,933 in debt was converted in the first tranche issued for this note in Q2 2023 with 59,998,666 shares of the Company’s common stock at a conversion price of $0.00012 per share. These shares should have been vested in mid December and could have been part of the dump in late December that helped drop the price 70% into the first week of January. They could have made at least $200K and more dumping during this period. Now the new Tranches have been rolling out since December 21st which should cause more grief here starting the end of June. We are only talking about this single note balance in the lawsuit of $33K+. This company is covered up with much more old convertible debt with very nasty terms. More fun yet to come! 🤣 Date of report (Date of earliest event reported): February 27, 2024 https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001483646/000106594924000023/blackstarmarch2024v2.htm
Amongst other claims, the Company alleges that the Plaintiff acted in bad faith and in violation of usury laws by recovering an estimated $600,000 dollars in BlackStar stock off of a $60,000 promissory note, estimated at a roughly 170% interest rate. The Company seeks a judgment in its favor and against Plaintiff, compensatory damages in an amount to be proven at trial, declaratory relief voiding the agreement as illegal under Section 29(b) of the Securities Act, punitive damages in an amount to be proven at trial, interest on all damages, and attorneys’ fees. The Company awaits a response to the counterclaims.
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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