Owner
Post by Franko10 ™ on Aug 12, 2005 12:32:16 GMT -5
9. COMMITMENTS AND CONTINGENT LIABILITIES
The Company has entered into arrangements with organizations, including clearing brokers, which provide for indemnification against losses, costs, claims and liabilities arising from the performance of their obligations under our agreement, except for gross negligence or bad faith. The Company believes the likelihood of a claim being made, the adverse outcome of which, individually or in the aggregate, that can be predicted with any reasonable certainty, could have a material adverse effect on the Company’s business, financial condition and operating results, is remote.
www.sec.gov/Archives/edgar/data/913781/000119312504213877/d10q.htm
Oh Yeah! What arrangements?
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10. CAPITAL STOCK
During the three months ended October 31, 2004, the Company issued in privately negotiated transactions 4,824,244 shares of Company common stock not registered under the Securities Act for net cash proceeds of $1,525,000. Shares totaling 4,748,486 were issued to unaffiliated accredited investors and shares totaling 75,758 were issued to an executive officer of the Company.
During the nine months ended October 31, 2004, the Company issued in privately negotiated transactions 7,031,632 shares of Company common stock not registered under the Securities Act for gross cash proceeds of $3,561,101. Placement fees totaling $35,180 were paid to two placement agents in connection with this share issuance. Shares totaling 6,302,086 were issued to unaffiliated accredited investors and shares totaling 729,546 were issued to executive officers, or family members of executive officers.
www.sec.gov/Archives/edgar/data/913781/000119312504213877/d10q.htm
Oh Yeah! What the person’s name?
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Financing Activities
The cash inflow from financing activities in fiscal 2004 was due to a combination of seven common stock private placements totaling $4,995,725, two cash contributions to equity totaling $1,830,000, a sale of assets totaling $980,000 and option exercises totaling $448,698. The first private placement commenced in February 2003 and raised $340,000 through the issuance of 377,776 shares to employees. The second private placement commenced in March 2003 and raised $293,150 through the issuance of 205,000 shares to employees. The third private placement commenced in March 2003 and raised $2,419,050 through the issuance of 1,612,161 shares to employees, a director and a private investor. The fourth private placement commenced in October 2003 and raised $100,000 through the issuance of 28,986 shares to an employee. The fifth private placement commenced in November 2003 and raised $811,650 through the issuance of 348,347 shares to employees and directors. The sixth private placement commenced in November 2003 and raised $110,000 through the issuance of 50,000 shares and 5,000 warrants to a private investor. The seventh private placement commenced in December 2003 and raised $921,875 through the issuance of 526,786 shares to current and former employees, plus a private investor. The Company took possession of municipal bonds from J.S.A. Investments LLC that were subsequently liquidated into cash of $1,700,000 on October 17, 2003. In May 2003, the Company completed a transaction with Martin H. Meyerson, the Company’s former Chairman and Chief Executive Officer, totaling $1,350,000, whereby he made a $130,000 cash contribution to equity, he purchased $980,000 of assets and he reimbursed the Company for $240,000 of expenditures related to certain regulatory matters.
www.sec.gov/Archives/edgar/data/1318309/000119312505137505/d10k.htm
Oh Yeah! Who’s the Private Investor?
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Hey!
When did JOHN EDWARDS purchase more than 10% of Crown Financial Holdings, Inc. [ CFGI ]
www.sec.gov/Archives/edgar/data/1318309/000110465905032183/xslF345X02/a3.xml
Gee Whiz?
JOHN EDWARDS owns 6,758,000 Preferred Shares.
That equals 25.7% of the Outstanding Preferred Shares of Crown Financial Holdings, Inc.
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What’s this?
RISSINGTON INVESTMENTS?
Why would JOHN EDWARDS transfer money to the Republic of China?
Hey! RESSINGTON INVESTMENTS owns 3,548,000 Preferred Shares.
That equals 13.5% of the Outstanding Preferred Shares of Crown Financial Holdings, Inc.
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What’s this one?
MINING FEASABILITY CAPITAL CORPORATION?
MINING FEASABILITY CAPITAL CORPORATION owns 3,210,000 Preferred Shares.
That equals 12.2% of the Outstanding Preferred Shares of Crown Financial Holdings, Inc.
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www.sec.gov/Archives/edgar/data/1318309/000110465905032187/a05-12132_1sc13d.htm
In March and April 2005, Mr. Edwards through the Trust and MFCC made a series of purchases of CFGI Series A Convertible Preferred Stock (“Preferred Stock”) in a private placement. The purchase price of each share of the Preferred Stock was $148.00. Mr. Edwards is the sole beneficiary of the Trust and the sole stockholder of MFCC. The purchases of the Preferred Stock were financed directly or indirectly from the personal assets of Mr. Edwards.
What Percentage?
(25.7%) + (13.5%) + (12.2%) = 51.4% of the Preferred Shares
How many shares?
(6,758,000) + (3,548,000) + (3,210,000) = 13,516,000 Shares.
What did the shares cost?
(13,516,000 Shares) x ($148.00 per shares) = $2,000,368,000.00
WOW!
JOHN EDWARDS is worth over $2 Billion Dollars?
Someone misinterpreted the data and I suspect that bumbling Bill parroted that flawed interpretation in his Sept. 6, 2005, shareholders derivative rights demand letter to Don Stoecklein.
In fact, Mr. Edwards purchased 3,548 Series A convertible preferred shares at $148 per preferred share through Rissington Investments and 3,210 Series A convertible preferred shares at $148 per share through Mining Feasibility Capital Corp. for a grand total of 6,758 Series A convertible preferred shares.
The total cost was $1,000,184. That is a hair over $1-million and a far cry from $2-billion.
Each Series A convertible preferred share was convertible into 1,000 common shares, for a grand total of 6,758,000 common shares, if they were converted.
It appears that whoever did the original calculations mistakenly doubled Mr. Edwards's holdings by misinterpreting the Schedule 13D and compounded that error by applying a cost of $148 per share to the common shares underlying the preferred shares.
I believe I covered much of this in an article last September.
Lee
That was I that made the mistake.
Shortly after I calculated those numbers, someone pointed out that I made a mistake.
I looked over the numbers ... and Yes!
I did make a mistake.
So I re-computed using the correct numbers and I came up with $1 million dollars too.
The conspiracy theory is running amuck! LOL
The Company has entered into arrangements with organizations, including clearing brokers, which provide for indemnification against losses, costs, claims and liabilities arising from the performance of their obligations under our agreement, except for gross negligence or bad faith. The Company believes the likelihood of a claim being made, the adverse outcome of which, individually or in the aggregate, that can be predicted with any reasonable certainty, could have a material adverse effect on the Company’s business, financial condition and operating results, is remote.
www.sec.gov/Archives/edgar/data/913781/000119312504213877/d10q.htm
Oh Yeah! What arrangements?
////////////////////////////////////////////////////////////////////////////////////////////////////
10. CAPITAL STOCK
During the three months ended October 31, 2004, the Company issued in privately negotiated transactions 4,824,244 shares of Company common stock not registered under the Securities Act for net cash proceeds of $1,525,000. Shares totaling 4,748,486 were issued to unaffiliated accredited investors and shares totaling 75,758 were issued to an executive officer of the Company.
During the nine months ended October 31, 2004, the Company issued in privately negotiated transactions 7,031,632 shares of Company common stock not registered under the Securities Act for gross cash proceeds of $3,561,101. Placement fees totaling $35,180 were paid to two placement agents in connection with this share issuance. Shares totaling 6,302,086 were issued to unaffiliated accredited investors and shares totaling 729,546 were issued to executive officers, or family members of executive officers.
www.sec.gov/Archives/edgar/data/913781/000119312504213877/d10q.htm
Oh Yeah! What the person’s name?
////////////////////////////////////////////////////////////////////////////////////////////////////
Financing Activities
The cash inflow from financing activities in fiscal 2004 was due to a combination of seven common stock private placements totaling $4,995,725, two cash contributions to equity totaling $1,830,000, a sale of assets totaling $980,000 and option exercises totaling $448,698. The first private placement commenced in February 2003 and raised $340,000 through the issuance of 377,776 shares to employees. The second private placement commenced in March 2003 and raised $293,150 through the issuance of 205,000 shares to employees. The third private placement commenced in March 2003 and raised $2,419,050 through the issuance of 1,612,161 shares to employees, a director and a private investor. The fourth private placement commenced in October 2003 and raised $100,000 through the issuance of 28,986 shares to an employee. The fifth private placement commenced in November 2003 and raised $811,650 through the issuance of 348,347 shares to employees and directors. The sixth private placement commenced in November 2003 and raised $110,000 through the issuance of 50,000 shares and 5,000 warrants to a private investor. The seventh private placement commenced in December 2003 and raised $921,875 through the issuance of 526,786 shares to current and former employees, plus a private investor. The Company took possession of municipal bonds from J.S.A. Investments LLC that were subsequently liquidated into cash of $1,700,000 on October 17, 2003. In May 2003, the Company completed a transaction with Martin H. Meyerson, the Company’s former Chairman and Chief Executive Officer, totaling $1,350,000, whereby he made a $130,000 cash contribution to equity, he purchased $980,000 of assets and he reimbursed the Company for $240,000 of expenditures related to certain regulatory matters.
www.sec.gov/Archives/edgar/data/1318309/000119312505137505/d10k.htm
Oh Yeah! Who’s the Private Investor?
////////////////////////////////////////////////////////////////////////////////////////////////////
Hey!
When did JOHN EDWARDS purchase more than 10% of Crown Financial Holdings, Inc. [ CFGI ]
www.sec.gov/Archives/edgar/data/1318309/000110465905032183/xslF345X02/a3.xml
Gee Whiz?
JOHN EDWARDS owns 6,758,000 Preferred Shares.
That equals 25.7% of the Outstanding Preferred Shares of Crown Financial Holdings, Inc.
////////////////////////////////////////////////////////////////////////////////////////////////////
What’s this?
RISSINGTON INVESTMENTS?
Why would JOHN EDWARDS transfer money to the Republic of China?
Hey! RESSINGTON INVESTMENTS owns 3,548,000 Preferred Shares.
That equals 13.5% of the Outstanding Preferred Shares of Crown Financial Holdings, Inc.
----------------------
What’s this one?
MINING FEASABILITY CAPITAL CORPORATION?
MINING FEASABILITY CAPITAL CORPORATION owns 3,210,000 Preferred Shares.
That equals 12.2% of the Outstanding Preferred Shares of Crown Financial Holdings, Inc.
----------------------
www.sec.gov/Archives/edgar/data/1318309/000110465905032187/a05-12132_1sc13d.htm
In March and April 2005, Mr. Edwards through the Trust and MFCC made a series of purchases of CFGI Series A Convertible Preferred Stock (“Preferred Stock”) in a private placement. The purchase price of each share of the Preferred Stock was $148.00. Mr. Edwards is the sole beneficiary of the Trust and the sole stockholder of MFCC. The purchases of the Preferred Stock were financed directly or indirectly from the personal assets of Mr. Edwards.
What Percentage?
(25.7%) + (13.5%) + (12.2%) = 51.4% of the Preferred Shares
How many shares?
(6,758,000) + (3,548,000) + (3,210,000) = 13,516,000 Shares.
What did the shares cost?
(13,516,000 Shares) x ($148.00 per shares) = $2,000,368,000.00
WOW!
JOHN EDWARDS is worth over $2 Billion Dollars?
lwebb said:
John Edwards does not, and never did, own $2-billion worth of Crown Financial stock.Someone misinterpreted the data and I suspect that bumbling Bill parroted that flawed interpretation in his Sept. 6, 2005, shareholders derivative rights demand letter to Don Stoecklein.
In fact, Mr. Edwards purchased 3,548 Series A convertible preferred shares at $148 per preferred share through Rissington Investments and 3,210 Series A convertible preferred shares at $148 per share through Mining Feasibility Capital Corp. for a grand total of 6,758 Series A convertible preferred shares.
The total cost was $1,000,184. That is a hair over $1-million and a far cry from $2-billion.
Each Series A convertible preferred share was convertible into 1,000 common shares, for a grand total of 6,758,000 common shares, if they were converted.
It appears that whoever did the original calculations mistakenly doubled Mr. Edwards's holdings by misinterpreting the Schedule 13D and compounded that error by applying a cost of $148 per share to the common shares underlying the preferred shares.
I believe I covered much of this in an article last September.
Lee
That was I that made the mistake.
Shortly after I calculated those numbers, someone pointed out that I made a mistake.
I looked over the numbers ... and Yes!
I did make a mistake.
So I re-computed using the correct numbers and I came up with $1 million dollars too.
The conspiracy theory is running amuck! LOL
