"The business address of 31 Group LLC (“31 Group”) is c/o Magna Group, 5 Hanover Square, New York, New York 10004. Mr. Joshua Sason is a member and the controlling person of 31 Group..."
From today's NRTI filing. 31 Group LLC is the holder of these notes
"Inergetics, Inc. (the “Company”) received a Prepayment Event Notice (the Notice”) pursuant to two 12% Convertible Debentures in the original principal amounts of $511,146.18 and $1,003,129.45 issued, respectively, on May 21, 2014 and May 29, 2014 (the “Debentures”).
Pursuant to §1.9 of the Debentures, if the VWAP (as defined in the Debentures) of the Company’s Common Stock for any trading day is equal to or less than the “Floor Price” of $0.031 (a “Prepayment Event”), the Company shall be required to pay the Debenture Holder 140% of the entire outstanding principal amount of the Debentures, plus any accrued but unpaid interest no later than ten business days after the Prepayment Event (a “Mandatory Prepayment”). In the event the Mandatory Prepayment is not made timely, the Floor Price shall be removed.
As a result of the Notice, a total of $1,526,103 is due and payable by September 29, 2014. The Company does not believe that it will be able to pay that amount by September 29, 2014. If it is unable to timely pay such amount, there will be no Floor Price for conversions of the Debentures." (my emphasis)
I came across your fine DD on the "Clients of Fairhills" board, and it's led me to do further research into what I suspect is a similar if not identical scheme by Greenridge Capital/Kelso Funding LLC.
And more specifically- Taylor Moffitt of Holydean.
Please see my inquiry to the Drake Gold (DKGR) board:
I see that you've done extensive research into these schemes, and any help you can supply re Greenridge Capital, Kelso Funding or just how these schemes bypass the 144 rule would be appreciated.
If you're interested, here's a video Moffitt made:
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