Replies to post #28470 on East Coast Diversified Corp (fka ECDC)

[mug2011]

From my understanding they still would have about 800,000 to cover for that first million they got from iron. Don't know when they have to issue shares to cover. I do know that higher prices help us out on the dilution. I wouldn't be surprised if another 50 million or so will cover the restof the money when they issue them. Look at my other couple of posts from the last couple of weeks and see if that helps. Good Luck

[cjstocksup]

Read the ECDC PR the 1 million was already paid. That is why we serr held up in the .003 to .0055 range for so long. I can not go back and do days of DD for you but the board here covered it all at the time! Read the filing also. Also we have discussed Kays tweets and more debt about to be gone. You will see. News is going to be flowing big time in May.

[chicagodog]

You can read the filing which enumerates the deal in its legal parameters. The 49.7 million shares are the first payment in a series of payments due to satisfy the amount "$1,108,344.86, divided by 65%"

this is an excerpt from the filing, which can be found here.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8555836

On April 20, 2012, IV and the issuer settled $1,079,990.98 in accounts payable of the issuer owned by IV, in exchange for unregistered shares of common stock of the issuer. Pursuant to an order approving stipulation for settlement of claims between IV and the issuer, IV is entitled to receive that number of common shares with an aggregate value equal to the sum of $1,108,344.86, divided by 65% of the following: the volume weighted average price of the issuer’s common stock over that number of consecutive trading days following the date of receipt required for the aggregate trading volume to exceed $5 million, not to exceed the arithmetic average of the individual daily volume weighted average prices of any five trading days during such period.



IV is prohibited from receiving any shares of common stock that would cause it to be deemed to beneficially own more than 9.99% of the issuer’s total outstanding shares at any one time. IV received an initial issuance of 49,700,000 shares, and may be required to return or be entitled to receive shares, based on the calculation summarized in the prior paragraph. For purposes of calculating the percent of class, the reporting persons have assumed that there were a total of 447,974,560 shares of common stock outstanding immediately prior to the issuance of shares to IV, such that 49,700,000 shares issued to IV would represent approximately 9.99% of the outstanding common stock after such issuance.

So are you trying to say that the 49.7 million shares supposedly covered the entire $1 million, because I am not seeing reporting for any other share?

If I am missing something, PLEASE point it out...