GREY:LGLTF - Post by User
Post by
Smartinvestor96on Apr 13, 2016 4:17pm
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Post# 24763367
Just a pure money burner
Just a pure money burner This company has burned through $3 million DIP from BMO since Alex MacGregor took over in December 2015. While the company can’t seemed to pay vendors and landlords, they are able to pay for personal driver for Geoffrey Smith, the chair of the board and pay $50k to $80k per month to a marketing company which has family connections to Alex MacGregor. The number of student population has dropped by 50% compared to previous years, AND all the schools are full of empty classrooms. The company’s APs and debts are rising since there is no more support from BMO AND now they are looking for ignorant investors to take on the old debts. Anyone who has done a quick background check knows that they can’t pay their bills and homestays and major agencies from Brazil, Japan, Mexico, Korea, China, Taiwan has turn their backs again this company. Whatever happened to the proposed non-brokered private placement financing of convertible secured subordinated debentures for $5 million? What a joke, even if anyone was dumb enough to invest money into this company, the headquarters will be burn through $5 million in 3 to 5 months just like $3 million DIP from BMO AND they will be back to square one, looking for new fresh ignorant investors.