Here’s something interesting from the other board KingofPennies:
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As of June 30th, Quest and Gwenco owed Interstellar Holdings over $2.4 million dollars for DIP and operating loans.
This is the conversion rate for Interstellar Holdings:
"In the six months ended June 30, 2008, the Holder of various judgments,
judgment liens, security interests, and lines of credit, based on notes
issued to National City Bank of Kentucky, effectuated a series of
partial conversions and were issued an aggregate of 31,000,000 shares
of common stock at a conversion price of $0.001 per share. In the
aggregate, these issuances reduced the debt by $26,912 in principal and
$4,088 in accrued interest, and the Company expensed an additional
$682,000 due to the difference in market value at the time of the
respective issuances."
$2.4 million dollars converted at 0.001 = 2.4 billion shares!
And that's free trading Sec 1145 "common shares" that increases the OS just like above __ and not your so called "unissued convertible securities!"
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That's an odd conversion ratio (0.001) of common stock because used for debt conversion, the other debt conversions were:
partial conversions and were issued an aggregate of 46,642,589 shares
of common stock at a conversion price averaging approximately $0.0052
conversions and were issued an aggregate of 17,855,865 shares of common
stock at a conversion price averaging approximately $0.0035 per share.
If par value is $0.001:
Do you think Interstellar Holdings is receiving preferential treatment in thier Debt Conversion?
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