last summer llen was deadbeat and default on their debt.
unlike, some here that lie and say this is not the truth.
enter into search - llen energy huge undisclosed dilution -
it gives a chronological of events.
click on the dates and it links you directly to the court documents proving this.
the august 12, 2013 link to the document section 3 and 4 has lee confirming this.
when a company like ironridge buys up past due debt from creditors, it is usually at a discount so when they collect they can profit.
lee must have realized llen would not be able to pay him his $800,000 back and actually sold the debt to ironridge and then got them to settle for shares and diluted the shareholders.
click on the link titled form 8-k and read the first paragraph.
ironridge sued llen for past due debts that they acquired from llens creditors.
why do people here lie and say this is not the truth when the court documents prove it.
It happened in your MIND piatt. At least you are changing your story a little more as you learn from my posts what actually happened, like Lee being one of the two creditors mentioned. Soon you will understand the whole thing, but I don't have time now to teach you. All I will say is that yes, this was deceptive dilution, very shrewd on Lee's part but it back-fired. LLEN has had 9 million or more in cash for the longest, so I really don't why you keep insisting they are broke. That is not an excess of cash by no means but it is certainly enough to pay 907,000 that was owed to Lee and an unrelated party" and still have 8 million left. The deal was designed to pay for 4 million in coal up front because the wholesale business was getting way ahead of production, a very good thing. They used the shares to cut the deal, with IR stepping in the middle to collect 105% of the US dollar amount of the coal in shares, it is in black and white.
You want to keep quoting an SA article that even overstates the outstanding shares and contains other inconsistencies. Are you aware that SA employs the services of 2700 writers who range mostly in age from 18 to 25 and know even less than you know. Wake up piatt, you are dreaming that you are actually an investor when you probably don't have bus fair to the mall. I told you yesterday that if you brushed up a little, even you could write for SA, and get paid for it, only you cannot keep posting the same dribble-wash over and over again. GL