BLACKSTAR ENTERPRISE GROUP, INC.: debt financing — BlackStar faces forced conversion of up to 257M shares in GS Capital lawsuit; court stay granted pending appeal

BLACKSTAR ENTERPRISE GROUP, INC.

Remaining note principal of $33,682 paid in full, but plaintiff still seeks specific performance for conversion of ~257M shares.
Court ordered conversion of 62,084,333 shares (completed Dec 21, 2023) and two additional conversions of 62,023,333 and 65,168,333 shares completed.
Company posted $10,000 bond; mandatory injunction stayed for 30 days as of Jan 11, 2024; appeal filed to Nevada Supreme Court on Jan 12, 2024.
Company may need to increase authorized shares and faces risk of additional lawsuits and financial strain from ongoing litigation.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.85

BLACKSTAR ENTERPRISE GROUP, INC. reported a default on convertible notes of $33,682 with GS Capital Partners LLC at not specified maturing October 11, 2021.

Instrument: convertible notes
Principal: $33,682
Counterparty: GS Capital Partners LLC
Rate: not specified
Maturity: October 11, 2021
Event: default

Exact text from the filing

The lawsuit relates to a claim regarding the purported unavailability of shares to convert against the remaining principal and interest on a Promissory Note entered into on October 11, 2021, which had a remaining principal balance of $33,682.

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Source: SEC EDGAR

accession 0001065949-24-000003

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