Replies to post #51254 on Grapefruit USA Inc (GPFT)

[stockmasterflash]

We can only go by what Dean is putting in the filings

He filed with the SEC this week that since 2009 as much as 38 million shares he has owned have been sold off by lenders, meaning he didn't own the shares and wasn't entitled to vote those.

Did he vote shares he didn't own? I don't know

Why did IMGG suddenly recount votes from a shareholder meeting a year previous? I have never EVER seen that done before. Where were those votes kept that they were available for recount?

How did Dean get $6 million worth of loans backed by 38 million shares? That values the shares at near 19 cents assuming Dean got 100% collateral value. Listed stocks only can be margined for up to 50% at most brokerages which would imply a 38 cent valuation. This is a penny stock that is UNMARGINABLE in the USA. The stock was trading below 6 cents per share during that period.

Back in the fall of 2011, IMGG listed Dean's personal loans as a RISK FACTOR, but claimed only 15 million shares were pledged. Now we find out 38 million was actually SOLD as far back as 2009. So they obviously knew something was going on with these shares. Seems like someone didn't tell the WHOLE TRUTH regarding the issue however.