Item 8.01 Other Events.
The global debt sum on the Company is still being reviewed and remains uncertain.
It appears in legal terms that there is a loophole which allows toxic type financing to proceed and dilution to occur during Chapter 11 proceedings. There is very little new or interim management can do to prevent this. This stems from certain agreements entered into by the company years ago.
The authorized share structure of the Company is 5 billion shares. The readers
are reminded that the company is in Chapter 11 proceedings and its share
structure is very fluid. The reader should assume that all 5 billion shares are
issued and outstanding (due to the reserve(s) held in creditor's names). The
company does not maintain an active day-by-day account of its share structure.
(See Form 8-K filed
The Company has been made aware of certain social media promotions discussing various corporate matters of the issuer. The followers and readers are again reminded that the Company is in Chapter 11 proceedings and unless approved by the courts and or the Company the readers should not rely upon social media posts that are inaccurate.
The Company does not know the identity of the social media promoters however the management has placed the party who it believes is responsible on notice, to cease and desist.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit 5.1 - Legal Opinion Exhibit 10.1 - Stipulated Settlement Agreement Exhibit 99.1 - Conversion request
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