Since hitting a high of .0068 on February 10th, CR
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Posted On: 03/04/2021 8:32:55 AM
Since hitting a high of .0068 on February 10th, CRGP has fallen 60% and has closed down 13 of the last 16 trading days. Yet CRGP has moved from grey to pink, and on Monday it was reinstated with the Nevada Secretary of State. Also, the number of authorized shares was reduced from 145 billion to 3.45 billion, a 98% reduction!
And now two guys are fighting for control of CRGP in Nevada. Kareem Mansour and Clement Lockwood have both hired Nevada securities attorneys (Jay Shafer and Raich Attorneys, respectively). Each one wants to control CRGP, and is willing to spend money on fees and legal expenses to win. And to be clear, the loser gets nothing and the winner gets control of a company with no known assets and a $4 million legal lien against it. Generally speaking, would you wage legal war with someone to try to acquire a business with nothing on the plus side and $4 million on the negative side? Of course not. Yet these two are doing so. Why would that be?
Both sides are being very quiet about the situation. Clement became CEO in April 2020 and did absolutely nothing until Monday of this week. Kareem tweeted once about the situation on Tuesday saying he would have his attorney look into the matter. Yet as of this moment the CRGP reinstatement still is in effect and the A/S is still 3.45 billion according the Nevada SOS.
A refresher of CRGP history since 2014:
On July 18, 2014 Jason Bogutski, the TA of CRGP, resigned as a limited participant with the DTCC.
In June 2015 CRGP requested a special dividend and Finra allowed the dividend to proceed.
In August the dividend took place and the DTCC refused to reverse the dividend when asked to do so.
In September Finra executed a rare U3 halt on CRGP that sent it to the grey market.
The SEC normally follows up a U3 halt with a suspension but in this case has never suspended CRGP.
In October in a lawsuit COR filed against CRGP the judge was expected to assign a receivership to manage CRGP's affairs since no one was left to do so yet surprisingly he refused to do so.
COR pursued the lawsuit for years against CRGP with multiple appeals yet lost at every turn
Despite years of legal expenses due to CRGP and nobody in charge of the company from September 2015 - April 2020, Bogutski continues to represent CRGP as its TA.
On April 3, 2020 CRGP is moved from the grey market to the pinks.
In August 2020 Kareem Mansour incorporates SSM Monopoly in New York and in December 2020 applies for custodianship of CRGP in Nevada.
In February 2021 Mansour is granted custody of CRGP after nobody challenged his request.
And this Monday Clement Lockwood (the former? CEO) reinstates CRGP with the Nevada SOS and reduces the A/S by 98%.
On Tuesday Kareem tweeted that he would have his attorney look into the matter since he now controls CRGP according to the Nevada SOS.
So............ what happens next?
And now two guys are fighting for control of CRGP in Nevada. Kareem Mansour and Clement Lockwood have both hired Nevada securities attorneys (Jay Shafer and Raich Attorneys, respectively). Each one wants to control CRGP, and is willing to spend money on fees and legal expenses to win. And to be clear, the loser gets nothing and the winner gets control of a company with no known assets and a $4 million legal lien against it. Generally speaking, would you wage legal war with someone to try to acquire a business with nothing on the plus side and $4 million on the negative side? Of course not. Yet these two are doing so. Why would that be?
Both sides are being very quiet about the situation. Clement became CEO in April 2020 and did absolutely nothing until Monday of this week. Kareem tweeted once about the situation on Tuesday saying he would have his attorney look into the matter. Yet as of this moment the CRGP reinstatement still is in effect and the A/S is still 3.45 billion according the Nevada SOS.
A refresher of CRGP history since 2014:
On July 18, 2014 Jason Bogutski, the TA of CRGP, resigned as a limited participant with the DTCC.
In June 2015 CRGP requested a special dividend and Finra allowed the dividend to proceed.
In August the dividend took place and the DTCC refused to reverse the dividend when asked to do so.
In September Finra executed a rare U3 halt on CRGP that sent it to the grey market.
The SEC normally follows up a U3 halt with a suspension but in this case has never suspended CRGP.
In October in a lawsuit COR filed against CRGP the judge was expected to assign a receivership to manage CRGP's affairs since no one was left to do so yet surprisingly he refused to do so.
COR pursued the lawsuit for years against CRGP with multiple appeals yet lost at every turn
Despite years of legal expenses due to CRGP and nobody in charge of the company from September 2015 - April 2020, Bogutski continues to represent CRGP as its TA.
On April 3, 2020 CRGP is moved from the grey market to the pinks.
In August 2020 Kareem Mansour incorporates SSM Monopoly in New York and in December 2020 applies for custodianship of CRGP in Nevada.
In February 2021 Mansour is granted custody of CRGP after nobody challenged his request.
And this Monday Clement Lockwood (the former? CEO) reinstates CRGP with the Nevada SOS and reduces the A/S by 98%.
On Tuesday Kareem tweeted that he would have his attorney look into the matter since he now controls CRGP according to the Nevada SOS.
So............ what happens next?
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