Heres the initial complaint from BME http://idc.api.edgar-online.com/efx_dll/edgarpro.dll?FetchFilingConvPDF1?SessionID=3WW8FxGCWmxOpIS&ID=8490903 Item 8.01 – Other Events On March 8 2012, Pacific Gold Corp. (the “ Company ” ) received a complaint that was filed in the United States District Court in Newark New Jersey, Case number 2:12-cv-01285-ES-CLW entitled Black Mountain Equities Inc. V Pacific Gold Corp. The claimant seeks monetary damages of $445,090.90 based on an assertion that the exercise price of a warrant, issued on February 27, 2007, that it holds, and that the claimant purchased just prior to the warrants expiration, was not properly adjusted and that the Company's refusal to issue the shares underlying the warrant on exercise of the warrant at the asserted adjusted price. The Company denies that there was a price adjustment as asserted by the plaintiff and intends to defend itself vigorously in the action. And heres the old filing about the transaction
Discount to market price calculated by subtracting the result in footnote (5) from the result in footnote (4).
Warrants . On February 26, 2007, we also issued to Cornell Capital a warrant for a total of 6,000,000 shares of our common stock (“Warrant”) with the aggregate exercise price of $1,296,000, if exercised on a cash basis and if we are not in default on any of the Debentures. The Warrants are exercisable for our common stock at $0.216 per share, expiring February 26, 2012. The warrants provide for a cashless exercise provision if there is no effective registration statement for the resale of the shares for the shares to be issued on exercise and the company is not otherwise in default in its obligations to Cornell Capital. If the Warrants are exercised on a cashless basis, we would receive no proceeds from their exercise by Cornell Capital.
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