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10/17/14

Bobby Genovese scams also have downcycle moments

It's not all the scam pump all the time with scumbags like the disgusting parasite Bobby G, as their vehicles need to go through a period of re-charging before they can re-run their pump and dump moves on unsuspecting greenhorns. Part of the process was seen today in this Reg F, of Liberty Silver (LSL) which starts like this (your author's bold type highlights)...
October 17, 2014 - Toronto, Ontario. Liberty Silver Corp. (“Liberty” or the “Company”) today announced that it has amended and restated its agreement in relation to an existing US$1,210,000 principal amount secured loan facility (the “Original Loan”) made available by BG Capital Group Ltd. (“BGCG”). Under the terms of the revised agreement, BGCG has made available to the Company a committed non-revolving term credit facility in the principal amount of US$1,250,000 (the “New Loan”), which shall initially bear interest at a rate of 11% per annum and which shall be secured by a charge on all of the assets of the Company. The Company has also repaid the indebtedness to BGCG under the Original Loan by converting the outstanding, aggregate total sum of the principal amount of the Original Loan, together with all accrued and unpaid interest thereon, being US$1,248,653.70 (the “Debt”), into 99,892,296 common shares of the Company (“Common Shares”) at a deemed issue price of US$0.0125 per Common Share, in full satisfaction of the Debt under the Original Loan.

...then goes on to explain this:
The lender pursuant to the New Loan is BGCG. BGCG and certain of its related parties own, directly and indirectly, 129,861,249 Common Shares, representing approximately 70.1% of the Company’s 185,139,574 issued and outstanding Common Shares. Other than pursuant to the New Loan, the Company does not have any contractual or other relationship with BGCG.
In other words, for a fraction of the cash he made during the last Liberty Silver pump, Bobby G now has control of 70% of the company again. Only he and his slimy cohorts know when they'll go active on this vehicle from hell again, it could be months or couold be years, but it's now set up so that only he can benefit when the start buitton is pushed once more.