Bubae
2 days ago
This trading platform is going no where. The SEC doesn't allow it too operate and all real world assets are going the route of tokenization. That is why Blackstar isn't attracting any real investors. This CEO has been reduced to borrowing from friends and associates according to the filings.
Bubae
Re: Savannah-Marc post# 14014
Tuesday, June 11, 2024 8:50:42 PM
Post# 14025 of 14167
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174583791
Sure looks that way Marc. Just not the way Blackstar proposes to do it which is why Blackstar isn't attracting investment capital. Heavy investment going into the tokenization of real world assets. The DTCC investment is the real deal, Blackstar has nothing to do with this space.DTCC completes acquisition of tokenization solution Securrency
December 11, 2023by Ledger Insights
https://www.ledgerinsights.com/dtcc-completes-acquisition-of-tokenization-securrency/
Meanwhile, last year DTCC launched Project Ion, a post trade stock settlement solution. It runs in parallel with DTC’s classic settlement system which remains the system of record, presumably to adhere to SEC requirements. That solution runs on R3’s Corda enterprise blockchain.
Bubae
Re: burner67 post# 14055
Wednesday, June 19, 2024 7:23:06 PM
Post# 14057 of 14065
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174625818
...Comment segment on page 55 of the annual filing "...and ultimately SEC approval of our digital trading platform...." The lack of efficacy of the proposed trading platform has been an issue for years because of regulations governing securities. The CEO reveals this in the filings and used to comment on it in the printed pubic statements. But he is converting debt now so bringing the subject up is not conducive for share selling efforts. The problem is that he is getting very little debt relief relative to the shares issued for conversions....
Goldman Sachs to launch three tokenization projects by end of year, says digital assets chief
BYLEO SCHWARTZ
July 10, 2024 at 9:29 AM EDT
https://fortune.com/crypto/2024/07/10/goldman-sachs-launch-tokenization-bitcoin-etfs-crypto-mcdermott/
ericdude
3 days ago
JOINT MOTION FOR EXTENSION OF TIME TO FILE THE OPENING
AND ANSWERING BRIEFS
Pursuant to NRAP 31(b)(3), Appellant Blackstar Enterprises Group, Inc.
(“Blackstar”) and Respondent GS Capital Partners, LLC (“GS Capital”) hereby
jointly move for extensions of time to file the opening and answering briefs.
A. The current due date and the requested extensions
Blackstar’s opening brief is currently due on July 23, 2024. Blackstar
respectfully requests a 30-day extension to file the opening brief, which would make
it due on August 22, 2024.
GS Capital’s answering brief is currently due on August 22, 2024. NRAP
31(a)(1)(B). To the extent Blackstar’s requested extension is granted, GS Capital
respectfully requests an additional 30-day extension to file the answering brief,
which would make it due on October 21, 2024.
B. Prior requests for an extension
Blackstar received one prior 14-day telephonic extension on July 8, 2024.
Blackstar has not had any requests for an extension denied.
GS Capital has not received any prior extensions and has not had any prior
requests for an extension denied.
ericdude
3 days ago
C. There is good cause to grant the extension
There is good cause for the requested extensions for two reasons. First, along
with other conflicts, undersigned counsel was out of the country at the end of June
and beginning of July on a pre-planned family vacation. This has impacted
Blackstar’s ability to finalize the opening brief before the current deadline.
Second, and more importantly, the parties have re-engaged in settlement
discussions and the requested extensions will allow the parties to fully explore a
potential settlement before incurring additional legal expenses.
BROWNSTEIN HYATT FARBER SCHRECK, LLP
/s/ Eric D. Walther
ERIC D. WALTHER, ESQ., Nevada Bar No. 13611
BRENT R. OWEN, ESQ. (pro hac vice)
HAYNES AND BOONE, LLP
Attorneys for Appellant Blackstar Enterprises Group
LEWIS ROCA ROTHERBER CHRISTIE LLP
/s/ Ogonna M. Brown
OGONNA M. BROWN, ESQ., Nevada Bar No. 7589
TRENT EARL, ESQ., Nevada Bar No. 15214
CHRISTINE R. HOTCHKIN, ESQ., Nevada Bar No. 15568
Attorneys for Respondent GS Capital Partner
Bubae
1 week ago
The question about the company's cash burn for legal and professional fees for Q1 has been answered. Joe continues to get crushed by the lawsuit fees and all of his new borrowing continues to come from friends and associates. Institutional lenders or investors aren't touching this. Legal and professional fees of $363,253 for the three months ended March 31, 2024, an increase of $318,601 from the same period in 2023. The company burned through $210,499 for these services in Q4 2023. Bench trial is scheduled for January 2025. Blackstar could be on the hook for GS Capital legal fees on top of damages. At which time I would think Joe is done because this trading platform narrative is going nowhere.
Bubae
Re: ericdude post# 13784
Sunday, May 12, 2024 8:55:38 PM
Post# 13788 of 14155
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174403108&txt2find=litigation%2Bfees
Here is what they have been burning cash on instead of product development. Legal and professional fees for the first nine months of 2023 was $116,028 according to the chart on page 4 of the Q3 filing. The 2023 annual reveals a total of for $326,527 legal and professional fees for 2023 which means that Blackstar has burned $210,499 in Q4 alone for these services. Compare that to only $25,140 for Q3 2023. So it would appear that Blackstar is getting crushed by this stupid GS Capital lawsuit filed on November 6th over what was a principle outstanding balance of only $33,682 as of September 30th 2023. Q1 2024 has also been very busy in terms of the lawsuit with their "Motion for Stay Pending Appeal" to the Nevada Supreme Court which was denied. It will be interesting to see what the lawsuit cash burn was for Q1 was.
For the quarterly period ended March 31, 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000085/begi-20240331.htm.htm
Results of Operations
For the Three Months Ended March 31, 2024 compared to same period in 2023
Net loss for the three months ended March 31, 2024 was $499,072 as compared to $117,204 for the three months ended March 31, 2023, an increase of $381,868.
Legal and professional fees of $363,253 for the three months ended March 31, 2024 increased by $318,601 from $44,652 for the comparable 2023 period. The increase in legal fees for the 2024 period was predominately for fees related to litigation for convertible debt issues.
Bubae
1 week ago
Interesting item in the Q1. Many like to mock my posts though I provide actual due diligence complete with posts to the information. Since the run in November I had been talking about the share dumping by these lenders and the requirement for the rule 144 holding period as not to attract attention from the SEC by acting as unregistered dealers. My early assumption that these lenders should be observing the holding period was of course in hindsight wrong. What we have known for some time is that they were indeed dumping those shares. See note from page 19 of the Q1 regarding SEC action against the manager of SE Holdings, LLC, and Adar Alef, LLC.
Remember my posts talking about the November 2023, Adar Alef partial conversion of $13,455 principal into 62,100,00 shares of the Company’s common stock at a price of $0.0002167 per share? That 62 million shares in November was done while this was on its way to a penny and dumped into the volume. This information was in the annual but we do not see a share increase on the OTC site from September 30th to December 22nd.
Go to the filings leading up to the November run to find that The company issued 591,386,247 to 1800 Diagonal Lending over the course of the first nine months with nearly 487 million of that issued in Q2 and Q3. Then there are the hundreds of millions of shares dumped by GS capital shares at $0.00006, not a typo, $0.00006. What now about this activity. Details with links about these questionable share dumps for Blackstar stock can be found in post# 13885 linked below. I hope they all get hammered but what does this mean as far as the notes held by these lenders if they all have to disgorge their shares and pay the fines.
Bubae
Re: Short Squeeze post# 13884
Monday, May 20, 2024 11:48:41 AM
Post# 13885 of 14155
The SEC has been taking action against these toxic note holders for failure to register as deals for some time. This hasn't discouraged the obscene conversions for this stock. It would appear that these note holders have not been observing the Rule 144, 180 day holding period for unregistered shares. The SEC has been working on Rule 144 holding period amendments for some time. These amendments were to be formalized first in April 2022, then April 2024 and are now scheduled for October 2024. This rule 144 holding period amendment will codify what the SEC has been enforcing since 2022 charging toxic lenders with failing to register as dealers. I however wouldn't hold my breath because these predatory lenders have plenty of money to fund the lobbyists.
For the fiscal year ended December 31, 2023
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000044/begi-20231231.htm
Page F13
ADAR ALEF, LLC
In November 2023, Adar Alef issued a notice of conversion for a partial conversion of $13,455 principal into 62,100,00 shares of the Company’s common stock at a price of $0.0002167 per share under the conversion provision and terms of the note agreement.
For the quarterly period ended March 31, 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001483646/000106594924000085/begi-20240331.htm.htm
Page 19
The Company is aware that on January 23, 2024, Aryeh Goldstein, Managing Member of SE Holdings, LLC, individually, and Adar Alef, LLC, also managed by Aryeh Goldstein, as the entity, settled charges with the SEC ordering them, in part, to surrender for cancellation all remaining shares they obtained through conversion of notes, as well as conversion rights under any remaining convertible notes. The Company is evaluating what this means for the remaining outstanding conversion rights under the two convertible promissory notes held by SE Holdings, LLC ($220,000) and Adar Alef, LLC ($550,000), and for the current holdings of Adar Alef, LLC (5,000,000 shares of common stock of BlackStar).
Aryeh Goldstein, Adar Bays, LLC, and Adar Alef, LLC
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 25930 / January 23, 2024
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25930
The parties have agreed to settle the charges. Among other relief, Goldstein and his entities agreed to pay $1.25 million in monetary relief and to surrender or cancel all remaining shares of public companies allegedly obtained from their unregistered dealer activity.
Bubae
2 weeks ago
Could be that the audit is a bit of a problem since the last accounting firm violated rules and is banned "...appearing or practicing before the SEC" . Speculating doesn't answer the more troubling question. That being, why has the CEO not commented? They have had a new accounting firm since June 3rd according to the latest 8K filing. Could they not a least roll out the Q1? This is beginning to smell more than usual. 😆
Form 8K
Date of report (Date of earliest event reported): May 3, 2024
On May 3, 2024, the Board of Directors of Blackstar Enterprise Group, Inc. (the “Company”) approved the dismissal of BF Borgers CPA PC (“BF Borgers”) as the Company’s independent registered public accounting firm. On May 3, 2024, the Securities and Exchange Commission (the “SEC”) announced that it had settled charges against Borgers that it failed to conduct audits in accordance with the standards of the Public Company Accounting Oversight Board (the “PCAOB”). As part of the settlement, Borgers agreed to a permanent ban on appearing or practicing before the SEC. As a result of Borgers’ settlement with the SEC, the Company dismissed Borgers as its independent accountant.