RE:A Fair Vote is all shareholders ask and rightfully deserve this right here...
DecNefTrades wrote: Appreciate you stepping in at this juncture with your guidance Mark.
While I agree that 90% of the time, most calls to halt financings might in fact be just complaints to fight against dilution, this situation is completely different and needs to be looked at in its entirety.
My below post represents personal opinion, bias and observations that may or may not be correct, and these have been formed through an organic and natural process of being a very diligent investor in this company since the acquisition in 2017 took place.
Observations:
- All Board members appear to represent Bridgemark entities
- It appears no board members were ever voted in by shareholders.
- It appears new board members are far more inexperienced than previous board members.
- No AGM in 3 years
- It appears Steven Hoffmann got Tokenplay acquired by Blocplay for nearly $3 million
- The business was later appraised at $26,000
- It then appears that Steven Hoffmann threatened proxy to replace the board and continued to install his own board members to execute his apparent strategy (which evidently involves a raise and an acquisition, because we do not have reason to believe previous management was going to go ahead with any further dilution, especially as revenues from HGA would be used to pad the $1 million plus in working capital)
- Hoffmann is not an officer or a director, and at absolute minimum, it appears that he was a 13% owner and absolute insider by multiple definitions of the term, yet it appears he chose not to file as an insider.
- It appears that most, if not all of his stock was free-trading during when the PP stock was restricted until March 28.
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My prediction is that these funds for this Private Placement are not to be used primarily for Working Capital, but rather for acquisition.
Further, shareholders were told that the subscription is not open and it appears that no first rights were given to original PP entrants.
Therefore, who is involved in the financing? How are they related to the company? How are they related to the potential acquiree?
And, if/when these funds are used to vend in the next firm, who stands to benefit in that firm? Who are their owners? Are they independent? Have they always had an expectation to be acquired? Could this be why the previous board was removed?
These answers absolutely must be known by regulators going forward. Shareholders only want independence, fairness and transparency. We only ask for a fair election and due process.
Keeping in mind that the previous acquisition only had a fair market value of $26,000, it is beyond reasonable for shareholders to be outraged that another raise is being performed at the same price (larger amount) as 6+ months ago to bring in yet another company by the same person who elected our inexperienced board and vended in the previous shell, which was legitimately only comprised of merely a domain name.
This is only the tip of the iceberg of course; I would personally love to see that Tokenplay audit trail (Also, apparently, Konstantin Lichtenwald, previous CFO, resigned from both Bridgemark and Blocplay... and this has always made me very curious.....) and acquisition file, because if the same players are re-loading their shares in this round, then one can reasonably begin looking into the share price decline and the source of the net -60 million shares sold between November and April by an anonymous party.. It also appears that the share price decline is the major foundation that Hoffmann used as the sole reason to initiate the proxy threat. Yet, new management came in at .075 and we now trade .05. C'est la vie? Or, become activist. Shareholders' voices are speaking and we appreciate that Mark has shown up here to confirm voices are being heard.
All shareholders deserve a vote. Let's do this fairly, let the voting system do its job but only as they currently are in the current capital structure. That appears to be the fairest resolution forward.
Appreciate everyones time and concern