AP I an not trying to pick an argument with u but when he reduced the OS didn't he convert them to preferred B's which are now preferred E's and through all the dilution aren't those shares he converted worth more then the orig OS shares they started out as before he converted them to preferrs? What has TS lost in his orig investment? What has the common shareholder lost in that same time? TS doesn't worry since he owns preferrs not commons at least not as many as he started with.
When do u think TS will actually answer the questions many commoners have. He may think he is God but he is not immortal so he better play it straight.
AP, you keep saying Tom took this from 722 million O/S to 184 million O/S by converting 308,234,884 common shares to preferred shares? 722,000,000 - 308,234,884 = 413,765,116 shares would have been outstanding after this conversion! This thing did NOT come from 722 million shares O/S!
Now what really happened was Tom S was given 320 million shares of common stock from KK or did it? What did really happen, that is the biggest question of all...
On June 30, 2007 GreenShift Corporation transferred to Seaway Capital, Inc. all of its interest in the equity securities of GS Carbon Corporation, specifically 78,250 shares of Series B Preferred Stock and 320,534,884 shares of common stock, representing approximately 95% of the equity at that time (the "Transfer"). Seaway Capital, Inc. agreed to assume responsibility for the management of GS Carbon Corporation, but gave no additional consideration to GreenShift Corporation.
At the time of the Transfer, there were issued and outstanding 78,250 shares of Series B Preferred Stock, each of which is entitled to 21,550 votes (i.e. a total of 1,686,308,252 votes), and 421,577,063 shares of Common Stock, each of which is entitled to one vote. Immediately prior to the Transfer, as shown in the following table, GreenShift Corporation was the only person who owned beneficially more than 5% of any class of GS Carbon's voting stock. In addition, Kevin Kreisler was the only officer or director of GS Carbon Corporation.
In its Annual Report on Form 10-KSB for the year ended December 31, 2006 GS Carbon disclosed in Note 13 to the Financial Statements the following:
A subsidiary of GS Carbon that was spun-off from GS Carbon in 2006 issued debt instruments in the principal amount of $498,074 several years ago. We recently were presented with evidence that GS Carbon may be liable for payment of the debts. Management is actively investigating the facts and circumstances with respect to the debts, and is not able to determine at this time if GS Carbon has liability for the debts.
On July 26, 2007 management determined that the debt instruments remain liabilities of GS Carbon. The Board of Directors of GS Carbon subsequently discussed its conclusion with Rosenberg Rich Baker Berman, CPA, the Company's independent accountant.
On July 1, 2007 GS Carbon completed the sale to GS CleanTech Corporation of the capital stock of GS Carbon Trading, Inc. GS Carbon Trading owns capital stock in Sterling Planet, Inc., Terra Pass, Inc., Air Cycle Corporation, General Ultrasonics Corporation and General Carbonics Corporation.
In exchange for the capital stock in GS Carbon Trading, GS CleanTech assumed liability to Cornell Capital Partners under certain Convertible Debentures in the principal amount of $1,125,000 issued by GS Carbon to Cornell Capital Partners. Cornell Capital Partners agreed to the transfer of liability and release of GS Carbon from liability under the Convertible Debentures in consideration of GS Carbon's agreement to permit Highgate House Funds, Ltd., an affiliate of Cornell Capital Partners, to purchase 20,000,000 shares of GS Carbon Corporation by cashless exercise of certain warrants issued by GS Carbon to Highgate House Funds.
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