SWVC has no money, yet SWVC paid TS $250k because of a former Wisebuys loan when it wasn't even under SWVC? Why wasn't this paid off when SWVC acquired Wisebuys for what, almost $6 mil in preferred shares? This debt should not belong to SWVC as he was already paid in preferred shares for all rights to the company & total ownership. NOT total ownership minus $250k owed to TS, or the other $3 million they loaned Wisebuys, etc, they got paid when they sold in $5.8 million worth of preferred shares as shown below. If they are going to play games like that, it's going to get really ugly, especially when company struggling for cash, shareholders getting screwed, but yet there is plenty of money to pay our CEO loans back from before he even owned the shell that should not be on shareholders backs???
On October 23, 2007, Seaway Valley Capital Corporation (the "Company")
acquired all of the capital stock of WiseBuys Stores, Inc. ("WiseBuys"). In
exchange for the WiseBuys shares, the Company issued to the shareholders of
WiseBuys 1,458,236 shares of the Company's Series C Convertible Preferred Stock.
The Series C Shares each have a liquidation preference of $4.00 (i.e. a total
liquidation preference for the Series C shares of $5,832,944). Four of the
Series C shares can be converted into a share of common stock at 85% of the
market price. The holders of the Series C shares will have voting rights and
dividend rights equal to the common shares into which they can be converted.
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