Bubae
1 mes hace
There you go again when you think no one is watching. You know well that Blackstar's method patents have nothing to do with tokenized assets. That is the problem. The industry has no use for CEO Joe's plans.
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
Page 6
References throughout this registration statement to “digital shares” and similar terms refers to the typical way securities are held and traded and is the same as DTCC eligible book entry securities. We are not attempting to “tokenize” securities,
Page 17
It will remain in the testing phase until we license the BDTP™ platform to a broker-dealer, clearing firm, and/or ATS. The BDTP™ platform is not designed to support transactions in any tokens, faux currencies, coins, crypto or any crypto related assets...
Page 18
Our BlackStar Electronic Fungible Shares (BEFS) are proposed to be the initially traded securities on the blockchain on the BDTP™ platform...
The BEFS are not “tokens” or “crypto tokens”. A “token” is generally understood to be a unit of value that blockchain-based organizations or projects develop on top of existing blockchain networks....
Page 19
We are not seeking to create “tokens,” but rather to have a system which allows the trading of well recognized corporate shares established under state law.
The BDTP™ platform is not currently operational for any securities and any such securities must first be registered with the SEC under the Securities Act or have an available exemption from registration...
Page 20
Are the BEFS crypto assets or tokens?
The proposed BDTP™ is designed to trade existing shares of common stock (in an electronic form) and NOT crypto assets, cryptocurrency, or tokens. We are not attempting to “tokenize” securities,...
Page 38
The Company does not operate in the crypto asset markets, does not have crypto asset holdings, and is not proposing to participate in the crypto asset industry, including crypto securities, crypto currencies, and tokens. The use of a blockchain in our proposed platform often gets conflated with crypto asset markets due to blockchain’s use in those industries as well.
Bubae
2 meses hace
Adar Alef and SE Holdings got busted by the SEC for unregistered dealer activity. So their debt is no longer convertible and Blackstar doesn't really have anything else to go after with litigation at this point. They are essentially screwed. GS Capital has been suing Blackstar for over a year now and CEO Joe has a massive legal bill that he is trying to convert with a Section 3(a)(10)b exemption giving them free trading shares to move $861,539.26 of their accounts payables priced at a 42.5% lowest closing sale price for twenty (20) trading days. Waiting to see if CEO Joe can muster any real developments in the business to promote the new stock sales. I would like to know what he is telling these attorneys who haven't been getting paid.
For the quarterly period ended March 31, 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000085/begi-20240331.htm.htm
Page 19
The Company is aware that on January 23, 2024, Aryeh Goldstein, Managing Member of SE Holdings, LLC, individually, and Adar Alef, LLC, also managed by Aryeh Goldstein, as the entity, settled charges with the SEC ordering them, in part, to surrender for cancellation all remaining shares they obtained through conversion of notes, as well as conversion rights under any remaining convertible notes. The Company is evaluating what this means for the remaining outstanding conversion rights under the two convertible promissory notes held by SE Holdings, LLC ($220,000) and Adar Alef, LLC ($550,000), and for the current holdings of Adar Alef, LLC (5,000,000 shares of common stock of BlackStar).
Aryeh Goldstein, Adar Bays, LLC, and Adar Alef, LLC
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 25930 / January 23, 2024
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25930
The parties have agreed to settle the charges. Among other relief, Goldstein and his entities agreed to pay $1.25 million in monetary relief and to surrender or cancel all remaining shares of public companies allegedly obtained from their unregistered dealer activity.
Blockchain Technology Company BlackStar Secures Institutional Investor for Debt Repayment, Seeks Valuation and Eyes Revenue Possibilities Through IP Licensing
Tuesday, 05 November 2024 09:45 AM
https://www.accesswire.com/939223/blockchain-technology-company-blackstar-secures-institutional-investor-for-debt-repayment-seeks-valuation-and-eyes-revenue-possibilities-through-ip-licensing
BlackStar entered into an agreement to retire $861,539.26 of debt ("the Settlement Amount") in a transaction pursuant to 3(a)(10) of the Securities Act. Continuation Capital, Inc. ("CCI"), a Delaware corporation, purchased the obligations from certain vendors of the Company, which consist of accounts payable due from the Company.
Form 8K November 05, 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000119/blackstar8k1152024.htm
On October 29, 2024, BlackStar Enterprise Group, Inc. ("BEGI", "BlackStar", or the "Company") entered into a proposed settlement for purchase of $861,539.26 of debt owed to BlackStar's creditors. Under the terms of the Settlement Agreement and Stipulation ("Settlement Agreement") discussed below, Continuation Capital, Inc. ("CCI") agreed to purchase the bona fide and outstanding and unpaid creditor claims in exchange for shares of BlackStar's common stock in a State court approved transaction in compliance with the terms of Section 3(a)(10) of the Securities Act of 1933, as amended.
The Settlement Agreement allows Continuation Capital to purchase debt that we owe to our creditors through direct purchase of the debts from our creditors and convert such debt into shares of our common stock at a reduction of forty-two and a half percent (42.5%) off the lowest closing sale price for twenty (20) trading days as disclosed in the Settlement Agreement prior to the date of conversion for each tranche of debt purchased. Upon closing, the Company will immediately issue 60,200,000 freely trading shares pursuant to Section 3(a)(10) of the Securities Act to CCI.
Bubae
2 meses hace
I was here on the day this hit its high of $0.128 back on November 27th. One of my first posts on the board was telling these people that day something wasn't right. Been pulling back the curtain ever since. Hey, I think this stock is perfect for you. CEO Joe has set this up for some massive dilution though he hasn't pulled the trigger on it. Beginning to look like the are having trouble with the 3(a)(10) exemption and CEO Joe needs it badly to pay his lawyers.
Bubae
Re: AKATITUS post# 3859
Monday, November 27, 2023 12:01:19 AM
Post# 3862 of 15041
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173298613
I just see promotion here based on a "system and method" patent that looks dubious to me in terms of monetization. I would have to agree with that poster. I think I will pass, frankly I believe you have seen your run. Between those conversion shares and those who want to lock in their gains, when it turns it will likely turn hard. Just another view point to temper the emotional fervor. This is the OTC when it looks too good to be true you can bet your losses that it is. Bubae
Re: Hotel Delta post# 14975
Tuesday, December 17, 2024 6:54:44 AM
Post# 14976 of 15016
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175538972
Buyer beware. Massive dilution is in the pipeline.
On October 29, 2024, BlackStar Enterprise Group, Inc. ("BEGI", "BlackStar", or the "Company") entered into a proposed settlement for purchase of $861,539.26 of debt owed to BlackStar's creditors...
Bubae
3 meses hace
New outstanding share count update. No change. I'm beginning to think CEO Joe will not be able to pull off that section 3(a)(10) dilution. Either way it is bad news for shareholders. The account payable that were to be converted is mostly legal fees. Attorneys normally like getting paid. That account was more than $1 million at the end of Q3. Screen shot of the December 13th update which was posted on the 26th below.
Blockchain Technology Company BlackStar Secures Institutional Investor for Debt Repayment, Seeks Valuation and Eyes Revenue Possibilities Through IP Licensing
Tuesday, 05 November 2024 09:45 AM
https://www.accesswire.com/939223/blockchain-technology-company-blackstar-secures-institutional-investor-for-debt-repayment-seeks-valuation-and-eyes-revenue-possibilities-through-ip-licensing
BlackStar entered into an agreement to retire $861,539.26 of debt ("the Settlement Amount") in a transaction pursuant to 3(a)(10) of the Securities Act. Continuation Capital, Inc. ("CCI"), a Delaware corporation, purchased the obligations from certain vendors of the Company, which consist of accounts payable due from the Company.
Form 8K November 05, 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000119/blackstar8k1152024.htm
On October 29, 2024, BlackStar Enterprise Group, Inc. ("BEGI", "BlackStar", or the "Company") entered into a proposed settlement for purchase of $861,539.26 of debt owed to BlackStar's creditors. Under the terms of the Settlement Agreement and Stipulation ("Settlement Agreement") discussed below, Continuation Capital, Inc. ("CCI") agreed to purchase the bona fide and outstanding and unpaid creditor claims in exchange for shares of BlackStar's common stock in a State court approved transaction in compliance with the terms of Section 3(a)(10) of the Securities Act of 1933, as amended.
The Settlement Agreement allows Continuation Capital to purchase debt that we owe to our creditors through direct purchase of the debts from our creditors and convert such debt into shares of our common stock at a reduction of forty-two and a half percent (42.5%) off the lowest closing sale price for twenty (20) trading days as disclosed in the Settlement Agreement prior to the date of conversion for each tranche of debt purchased. Upon closing, the Company will immediately issue 60,200,000 freely trading shares pursuant to Section 3(a)(10) of the Securities Act to CCI.
Bubae
Re: None
Thursday, December 05, 2024 9:31:53 AM
Post# 14917 of 14975
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175480484
For those who may believe buying 7s and 8s here is an opportunity to flip this trash. The summary of the settlement agreement states that the conversions will be done "...at a reduction of forty-two and a half percent (42.5%) off the lowest closing sale price for twenty (20) trading days as disclosed in the Settlement Agreement..." Looking at the Settlement Agreement, Exhibit 10.1 linked below, we find that the conversions are to be done at "..market price during the valuation period..." Market Price is defined as lowest "Sale Price".
3(A)(10) Financing: New Predatory Financing Using the Securities Act
Thomas S. Glassman University of Michigan Law School
https://repository.law.umich.edu/cgi/viewcontent.cgi?article=1039&context=mbelr
Bubae
3 meses hace
I see an end of day trade at $0.0005. New calculated basis for the continuous Capital conversions should be $0.000288. If CEO Joe gets back on his infomercial horse Continuous Capital could make a small fortune on any price increase.
Exhibit 10.1
SETTLEMENT AGREEMENT AND STIPULATION
https://www.sec.gov/Archives/edgar/data/1483646/000106594924000119/ex10_1.htm
Page 2
1. Defined Terms. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“CLAIM AMOUNT” shall mean $861,539.26 (Subject to any applicable discounts pursuant to the annexed Claims Purchase Agreements).
...
“SALE PRICE” shall mean the Sale Price of the Common Stock on the Principal Market.
"MARKET PRICE" on any given date shall mean the lowest Sale Price during the Valuation Period.
"VALUATION PERIOD" shall mean the twenty (20) day trading period preceding the share request...
"PURCHASE PRICE" shall mean the Market Price during the Valuation Period (or such other date on which the Purchase Price is calculated in accordance with the terms and conditions of this Agreement) less the product of the Discount and the Market Price.
...
Page 4
a. In settlement of the Claims, Company shall initially issue and deliver to CCI, in one or more tranches as necessary subject to paragraph 3(e) and (f) herein, shares of Common Stock (the “Initial Issuance”), subject to adjustment and ownership limitations as set forth below, sufficient to satisfy the compromised amount at a forty two and one half percent (42.5%) discount to market (the total amount of the claims divided by the purchase price) based on the market price during the valuation period as defined herein through the issuance of freely trading securities issued pursuant to Section 3(a)(10) of the Securities Act (the Settlement.
Bubae
3 meses hace
Wow, that post triggered you? 😆 A little factual reverberation for the newbs to the board. It is rare that you see agreements with a constantly adjusting conversion price these days who's intended purpose is to move what will be much more than $1 million in new shares. In terms of stock picks you would do better throwing a dart at a list of OTC tickers. We know from the last OS update of November 27th that the 60,200,000 shares for fees and expenses was issued. We also know that the authorized share count has been finalized with the DEF 14C filing on the 17th of December yet we still don't have a share count update on the OTC markets site. This is just the beginning.
Exhibit 10.1
SETTLEMENT AGREEMENT AND STIPULATION
https://www.sec.gov/Archives/edgar/data/1483646/000106594924000119/ex10_1.htm
Page 2
1. Defined Terms. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“CLAIM AMOUNT” shall mean $861,539.26 (Subject to any applicable discounts pursuant to the annexed Claims Purchase Agreements).
...
“SALE PRICE” shall mean the Sale Price of the Common Stock on the Principal Market.
"MARKET PRICE" on any given date shall mean the lowest Sale Price during the Valuation Period.
"VALUATION PERIOD" shall mean the twenty (20) day trading period preceding the share request...
"PURCHASE PRICE" shall mean the Market Price during the Valuation Period (or such other date on which the Purchase Price is calculated in accordance with the terms and conditions of this Agreement) less the product of the Discount and the Market Price.
...
Page 4
a. In settlement of the Claims, Company shall initially issue and deliver to CCI, in one or more tranches as necessary subject to paragraph 3(e) and (f) herein, shares of Common Stock (the “Initial Issuance”), subject to adjustment and ownership limitations as set forth below, sufficient to satisfy the compromised amount at a forty two and one half percent (42.5%) discount to market (the total amount of the claims divided by the purchase price) based on the market price during the valuation period as defined herein through the issuance of freely trading securities issued pursuant to Section 3(a)(10) of the Securities Act (the Settlement.
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