HERO RESTORATION - BOOKS NOT BEING RETURNED 20 20

[Old Fashion PB and J]

On 6/25/2023 at 1:21 PM, ExNihilo said:

Uhh, the company manages these boards for one.  You pay as soon as your books are entered into their system even though work technically won't begin for 30+ business days.

I think each contractor functions differently.  When I remodeled my place, I was given a timeline for estimated completion and payment was divided into 4 equal parts.  Though, I have seen videos surface on reddit of people who disagree with contractors, don't pay, and the contractor basically comes and rips up all the work they did.

 That is actually illegal, and why contractors split payments. Once you pass 75% completion or thereabouts it becomes illegal to rip out the work you have performed. This is why most contractors (I honestly never heard of one that doesnt take a deposit) get money for materials and some labor upfront, because people will stiff you and you lose on not only time but materials.

[jaybuck43]

On 6/25/2023 at 4:37 PM, 850chris said:

 

A $20k donation gets you a seat on the board and a 10% stake in a dissolved LLC?
 

 

Whelp, guys ya ain't gonna be getting your books back, cause OP is gonna be sitting in jail soon  You can't just offer stakes in a company like that.  The JOBS act controls how this is done.  

Since he's trying to gain $160,000, he needs to be releasing INDEPENDENTLY-AUDITED finances.  Where are those OP?  I assume you also uploaded your FORM C into EDGAR?  FINRA will also want a word with OP. Jeebus this thread just keeps going from bad to worse.

[shadroch]

What happens to the books in bankruptcy? They aren't inventory, I would hope.

[jaybuck43]

On 6/25/2023 at 5:00 PM, shadroch said:

What happens to the books in bankruptcy? They aren't inventory, I would hope.

Its difficult.  They are still property of the owner, not the company so it's not like the company can sell it or the courts can seize it to sell off to satisfy creditors.  BUT.... things disappear and I doubt that a company in bankruptcy is still making its insurance premium payments.  

[shadroch]

On 6/25/2023 at 1:59 PM, jaybuck43 said:

Whelp, guys ya ain't gonna be getting your books back, cause OP is gonna be sitting in jail soon  You can't just offer stakes in a company like that.  The JOBS act controls how this is done.  

Since he's trying to gain $160,000, he needs to be releasing INDEPENDENTLY-AUDITED finances.  Where are those OP?  I assume you also uploaded your FORM C into EDGAR?  FINRA will also want a word with OP. Jeebus this thread just keeps going from bad to worse.

But it's a donation. You donate $20,000 and are rewarded with a seat on the board.  Quite generous.  If you sign up four other friends, you can take control of the company.  When it rebounds, it will be worth millions.

[THE_BEYONDER]

On 6/25/2023 at 5:05 PM, shadroch said:

But it's a donation. You donate $20,000 and are rewarded with a seat on the board.  Quite generous.  If you sign up four other friends, you can take control of the company.  When it rebounds, it will be worth millions.

[DR.X]

On 6/25/2023 at 3:59 PM, jaybuck43 said:

 Jeebus this thread just keeps going from bad to worse.

 

[jaybuck43]

On 6/25/2023 at 5:05 PM, shadroch said:

But it's a donation. You donate $20,000 and are rewarded with a seat on the board.  Quite generous.  If you sign up four other friends, you can take control of the company.  When it rebounds, it will be worth millions.

Not sure if joking or serious, but on the serious side, The JOBS act specifically deals with "Crowdfunding" means of offering ownership of a company.  It's never a "Donation".  If instead it was a joke...

[shadroch]

On 6/25/2023 at 2:11 PM, jaybuck43 said:

Not sure if joking or serious, but on the serious side, The JOBS act specifically deals with "Crowdfunding" means of offering ownership of a company.  It's never a "Donation".  If instead it was a joke...

Jobs Act deregulated the industry to the point where people think they can do it, legal or not.  It can be done fairly easily, he's just going about it all wrong. 

[HotKey]

On 6/25/2023 at 4:59 PM, jaybuck43 said:

Whelp, guys ya ain't gonna be getting your books back, cause OP is gonna be sitting in jail soon  You can't just offer stakes in a company like that.  The JOBS act controls how this is done.  

Since he's trying to gain $160,000, he needs to be releasing INDEPENDENTLY-AUDITED finances.  Where are those OP?  I assume you also uploaded your FORM C into EDGAR?  FINRA will also want a word with OP. Jeebus this thread just keeps going from bad to worse.

Good catch here, this is from the finra.org website and should help answer some questions this may raise:

"Read and Understand Key Disclosure and Education Information

Since crowdfunding investments are likely to be early-stage ventures and may be highly risky, the JOBS Act and Regulation Crowdfunding include provisions designed to inform investors about these investments and their potential risks. 

Companies that conduct offerings under Regulation Crowdfunding are required to disclose, among other things: 

• A description of the business of the company and its anticipated plan of business, including its name, legal status, physical address and website address.
• A discussion of the material factors that make an investment in the company speculative or risky.
• A discussion of the company’s financial condition.
• The names and positions of the directors and officers; the name of each person who is a beneficial owner of 20 percent or more of the company’s outstanding voting equity securities; and additional information such as the business experience of the directors and officers over the past three years.
• The price of the securities or the method for determining the price.  

This information is to be filed in a document called Form C and uploaded to the SEC’s Edgar system for access by investors and crowdfunding intermediaries. "

[Juno Beach]

On 6/25/2023 at 1:59 PM, jaybuck43 said:

Whelp, guys ya ain't gonna be getting your books back, cause OP is gonna be sitting in jail soon  You can't just offer stakes in a company like that.  The JOBS act controls how this is done.  

Since he's trying to gain $160,000, he needs to be releasing INDEPENDENTLY-AUDITED finances.  Where are those OP?  I assume you also uploaded your FORM C into EDGAR?  FINRA will also want a word with OP. Jeebus this thread just keeps going from bad to worse.

Someone needs to tell Lorenzo his 20 bucks are gone. 

[Gaard]

[THE_BEYONDER]

In an effort to keep up with this train wreck....

Has anyone’s books been shipped back since the start of this thread?

Edited June 25, 2023 by THE_BEYONDER

[Buzzetta]

On 6/25/2023 at 4:37 PM, 850chris said:

 

A $20k donation gets you a seat on the board and a 10% stake in a dissolved LLC?
 

 

 

Edited June 25, 2023 by Buzzetta

[Kamenliter]

On 6/25/2023 at 5:53 PM, THE_BEYONDER said:

In an effort to keep up with this train wreck....

Has anyone’s books been shipped back since the start of this thread?

Yes, I received my books back last week (I posted a comment about it with pics of some of the books) and my friend received his FF 5 back (but not his 2k). 

[L'Angelo Misterioso]

Guy who's out one Detective Comics #29, other early DCs, and $12.2 thousand dollars ain't exactly made whole yet tho 😬😬

Edited June 25, 2023 by L'Angelo Misterioso

[Nick Furious]

On 6/25/2023 at 3:59 PM, jaybuck43 said:

Whelp, guys ya ain't gonna be getting your books back, cause OP is gonna be sitting in jail soon  You can't just offer stakes in a company like that.  The JOBS act controls how this is done.

To be fair, a non-existence of qualifying donations will probably work in his favor regarding prosecution and jail time.  

[mephistopheles]

On 6/25/2023 at 3:33 PM, Buzzetta said:

Good find

He is looking for $160,000... 

I don't think the majority of you are getting your money back

 

Help me do the math here: $20 000 for 10% of 0 is how much? It's kinda like investing in the Titanic after it hit an iceberg and is mostly underwater.

[ExNihilo]

On 6/25/2023 at 2:25 PM, HotKey said:

Good catch here, this is from the finra.org website and should help answer some questions this may raise:

"Read and Understand Key Disclosure and Education Information

Since crowdfunding investments are likely to be early-stage ventures and may be highly risky, the JOBS Act and Regulation Crowdfunding include provisions designed to inform investors about these investments and their potential risks. 

Companies that conduct offerings under Regulation Crowdfunding are required to disclose, among other things: 

• A description of the business of the company and its anticipated plan of business, including its name, legal status, physical address and website address.
• A discussion of the material factors that make an investment in the company speculative or risky.
• A discussion of the company’s financial condition.
• The names and positions of the directors and officers; the name of each person who is a beneficial owner of 20 percent or more of the company’s outstanding voting equity securities; and additional information such as the business experience of the directors and officers over the past three years.
• The price of the securities or the method for determining the price.  

This information is to be filed in a document called Form C and uploaded to the SEC’s Edgar system for access by investors and crowdfunding intermediaries. "

Is there a minimum filing requirement based on size and/or valuation?  Seems like a headache for the SEC to manage anything that might not meet some minimum threshold.

On 6/25/2023 at 2:41 PM, Juno Beach said:

Someone needs to tell Lorenzo his 20 bucks are gone. 

GoFundMe holds all funds until the goal is met.  Any GoFundMe that does not meet the goal gets refunded back to the donor.  GoFundMe takes a cut of all successful goals as well as probably makes money off the interest on cash pending payout.

[mephistopheles]

On 6/25/2023 at 7:26 PM, Stelly Stel said:

Thats ComicTom himself.

Youtube keeps recommending his videos to me, but I just can't stand his verbal diarrhea. It's like a bad mashup of a sleazy used car salesman and a comic nerd.