PennyStockTrader2
4 months ago
Cut the crap man, take a hike, sell me your shares tomorrow. I have a massive, I mean a massive position here, and would love to add in the .17 range but theres just so little selling this tax selling season. This will literally end up on the moon, granted figuring out the timing has been very very difficult and while they havent closed on a deal, yet, lets see what the land value appraisal comes in at, way way above what the creditors will get, way way above that. We're fine, its the waiting that is frustrating. Milked the company, are you friggin kidding me? Why dont you show the proof of that, they havent made a cent, contrary. But when things happen they'll be rewarded modestly for their work.
Macod
6 months ago
Note 13. Subsequent Events
On October 20, 2023, MGC received $845,377.89 as part of the $1,000,000 settlement amount due in Cooperative Energy, a Mississippi Electric Cooperative v. Mississippi Gaming Corporation, et al. (In the Special Court of Eminent Domain, Hancock County, Mississippi (Case No. CC23-0153). The parties are working on the wording of an easement. Once MGC signs the easement, Cooperative Energy will pay the remainder due to MGC. In line with previous agreements, the funds were used, in part, to reimburse two unrelated lenders a total of $40,000 for amounts advanced in 2023 and to reimburse the Chairman of the Board approximately $100,000 for amounts advanced in 2023. In addition, $45,503.74 was paid to the President of the Company to reimburse the President for expenses paid on behalf of the Company in prior years. The Company intends to use the remaining funds to pay property taxes for the year 2023, to pay its outside auditors and accountant for the Form 10-K for the year ending December 31, 2023, to prepare and file past due federal and state tax returns, to perform an updated wetland delineation survey and certain environmental studies, to obtain an updated property appraisal and updated feasibility study, to obtain aerials of the Diamondhead Property and surrounding area, to prepare updated marketing materials, to pay legal fees and expenses of outside counsel, to pay down some debt due, including rent due in 2023, and to pay administrative and operating expenses.
dcbass
8 months ago
Well this is good…
One million dollars into the company coffers.
A minimum of 50% apparently stays in the company the other half will probably pay some liens. Just a guess there.
This should guarantee the company will meet all financial requirements in the upcoming future.
And hopefully implement some marketing strategies now that they have some cash on hand.
PART II: OTHER INFORMATION
Item 1. Legal Proceedings
Cooperative Energy, a Mississippi Electric Cooperative v. Mississippi Gaming Corporation (In the Special Court of Eminent Domain, Hancock County, Mississippi (Case No. 23CO1:20-cv-00221)
Cooperative Energy, a Mississippi Electric Cooperative v. Mississippi Gaming Corporation, et al (all lienholders of the Diamondhead Property. (In the Special Court of Eminent Domain, Hancock County, Mississippi (Case No. 23CO1:23-cv-00153)
Since 1994, American Telephone and Telegraph Company (“AT&T”) has had an exclusive right of way easement along the northern portion of Mississippi Gaming Corporation’s (“MGC”) Diamondhead, Mississippi Property (“the Property”) to construct, operate, maintain, inspect, alter, replace and remove communications systems which they may require from time to time. Cooperative Energy, a Mississippi Electric Cooperative, is also seeking a permanent easement along the northern portion of the Property on which to construct, maintain and operate electric transmission lines together with an access road. On November 19, 2020, Cooperative Energy filed a Complaint with the Special Court of Eminent Domain, Hancock County, Mississippi seeking an Order authorizing the Cooperative to enter onto the Property for the purpose of examinations and surveys. The matters sought in the Complaint were quickly resolved by agreement of the parties. The Company’s understanding and MGC’s understanding was that the case would be dismissed, but the case was not dismissed. On May 24, 2023, Cooperative Energy filed a Complaint for Eminent Domain in the Special Court of Eminent Domain, Hancock County, Mississippi in which it named MGC and all persons and entities holding liens on the Diamondhead, Mississippi Property as defendants. On July 28, 2023, Cooperative Energy filed a First Amended Complaint for Eminent Domain.
On or about February 19, 2023, the parties entered into an Indemnification Agreement to fully indemnify MGC and Diamondhead Casino Corporation and each of their respective directors, officers, employees, agents, attorneys, and affiliates, and hold each of them harmless and defend each of them against any and all claims, losses, damages, expenses and/or liabilities to which an Indemnified Party might become liable arising out of or relating to any activities conducted on or about the Property by Cooperative Energy and/or its respective directors, officers, employees, agents, attorneys, affiliates and/or representatives and/or any unrelated third parties, contractors and/or subcontractors performing any activities on the Property at the request of or for the benefit of Cooperative Energy.
On or about October 26, 2022, Cooperative Energy offered MGC $395,038 for the easement. MGC rejected this offer. On or about April 18, 2023, Cooperative Energy offered MGC $643,748.00 for the easement. MGC rejected this offer. On or about May 24, 2023, Cooperative Energy offered MGC $850,000 for the easement. MGC rejected this offer. On or about June 20, 2023, MGC offered to accept $1,000,000 for the permanent easement provided that i) Mississippi Gaming Corporation got at least fifty percent of the $1 million; ii) payment was received on or before September 1, 2023; and iii) no trial was required. On or about July 3, 2023, Cooperative Energy agreed to the amount conditioned on agreement of the other defendants in the case. All interested parties, including all persons or entities holding liens on the Diamondhead Property, are being served together with MGC as defendants in the case. If all parties cannot reach an agreement as to the amount to be paid for the permanent easement and the manner in which it will be divided, the matter will be submitted to a Judge or a jury for determination.
Cooperative Energy has informed MGC that it has obtained an agreement from AT&T concerning AT&T’s pre-existing exclusive right of way easement so that the Company will not be in breach of its agreement with AT&T.
VV Trader
11 months ago
If you look at the 10-Q released on 5/15/23 it still shows that deal outlined.
The dates for the DHCC stock purchases appear to have been pushed back to September and November.
"The Letter of Intent provides that the Purchaser will purchase a total of 4.5 million shares of Common Stock of Mississippi Gaming Corporation, or 10% of the Common Stock of Mississippi Gaming Corporation, for a total purchase price of $6,000,000, in two transactions as follows:
1) On or before April 15, 2023, the Purchaser will purchase five percent of the total Common Stock of Mississippi Gaming Corporation for $3,000,000. Upon receipt of payment, Mississippi Gaming Corporation shall issue 2.25 million shares of Common Stock, or five percent of the total authorized Common Stock of Mississippi Gaming Corporation, to the Purchaser.
2) On or before June 30, 2023, the Purchaser will purchase an additional five percent of the total authorized Common Stock of Mississippi Gaming Corporation for $3,000,000. Upon receipt of payment, Mississippi Gaming Corporation shall issue an additional 2.25 million shares of Common Stock, or an additional five percent of the total authorized Common Stock of Mississippi Gaming Corporation to the Purchaser.
The Purchaser will have the right to nominate two directors to the Board of Directors of Mississippi Gaming Corporation. The current Board of Directors of Mississippi Gaming Corporation will examine and review the background, experience and credentials of the nominees and, once acceptable, pass a resolution appointing the Purchaser’s nominees to the Board of Directors contingent upon the first Closing and effective on the date of and immediately following the first Closing. In the event the Purchaser has not nominated a director(s) prior to the first Closing, the Purchaser may do so at any time thereafter.
Diamondhead Casino Corporation
The Letter of Intent provides that the Purchaser will purchase 4,000,000 shares of Common Stock of Diamondhead Casino Corporation at a purchase price of $1.00 per share in two transactions as follows:
3) On or before September 15, 2023, the Purchaser will purchase 2,000,000 shares of Common Stock of Diamondhead Casino Corporation for a total purchase price of $2,000,000. Following Closing, the Company will issue instructions to the Company’s transfer agent to issue 2,000,000 shares of Common Stock to the Purchaser.
4) On or before November 30, 2023, the Purchaser will purchase an additional 2,000,000 shares of Common Stock of Diamondhead Casino Corporation for an additional purchase price of $2,000,000. Following Closing, the Company will issue instructions to the Company’s transfer agent to issue an additional 2,000,000 shares of Common Stock to the Purchaser.
The Purchaser will have the right to nominate two directors to the Board of Directors of Diamondhead Casino Corporation. The current Board of Directors of Diamondhead Casino Corporation will examine and review the background, experience and credentials of the nominees and, once acceptable, pass a resolution appointing the Purchaser’s nominees to the Board of Directors contingent upon Closing of the purchase of a minimum of 2,000,000 shares of Common Stock of Diamondhead Casino Corporation and effective on the date of and immediately following the Closing. In the event the Purchaser has not nominated a director(s) prior to the first purchase of Common Stock of Diamondhead Casino Corporation, the Purchaser may do so at any time thereafter.
The Purchaser’s failure to close when required shall render the remainder of the Agreement null and void.
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