Thank you Elite,
I would like to point out a few items that I believe are still being overlooked..
I have reviewed other IronRidge Global/IV agreements with other stocks and they all contain the same "Blanket statement": (with dollar amounts adjusted to level of finance parameters)
"…the closing period of the issuer’s common stock on the date prior to entry of the order, not to exceed the arithmetic average of the individual daily volume weighted average prices of any five trading days during a period equal to that number of consecutive trading days following the date of initial receipt of shares required for the aggregate trading volume to exceed $2.5 million."
First, Let’s examine this piece of the above blanket statement:
“not to exceed the arithmetic average of the individual daily volume weighted average prices of any five trading days during a period..”
To keep this simple, above states that Ironridge can choose the “Average Price” of “Any Five” different and not necessarily consecutive trading sessions, that occurred within the $2.5M+ trading period.. subsequent to the initial release of shares..
Next, Let’s consider, to the day, exactly “When” the original shares were “Issued” by RFMK..
and here’s the trick:
“Pursuant to an order approving stipulation for settlement of claims between IV and the issuer, IV is entitled to receive that number of shares with an aggregate value equal to the debt amount plus an 8% third-party agent fee, a 3% fee and reasonable attorney fees, divided by 70% of the following: the closing price of the issuer’s common stock on the date prior to entry of the order,..”
On exactly which date between 09-04-2012 and 09-26-2012 (the period in which the initial 143,500,000 shares were issued to IronRidge/IV), did the actual entry of the order occur?
Dare I say.. "we don’t exactly when, do we?".. are we going to be so naive as to say the order was entered on "the" day the filing was submitted???
Could it have been Sept. 10 or 11?? PPS $.0017, or could it have been 14 th , 17 th or 18 th ?? PPS $ .0019..
The other very important part is the big “Gray Area”.. I’ve looked at several other Form SC 13G Filings with other companies that IronRidge has executed agreements with, and they all have the “Reasonable Attorney Fees”.. now also consider..
Attorney Fees are most likely paid by both “Parties” entering the agreement..
Therefore.. Who's paying the "Reasonable" Attorney Fees??? IMO.. Attorney Fees are settled after shares have been sold and or dis-positioned for whatever intended purpose.
I’ll let your brain cells do the rest.. but I stand by my Due Diligence and respectfully state that your figures simply do not appear to take all “Factors” into consideration.
I appreciate your response and of course, I have shared my opinions as well.
GLTU Elite Yoda
