Hollywall Entertainment, Inc., www.hollywall.com, is a multifaceted media and entertainment company focused on maximizing its rights to its music, film, television, home video and software game libraries. Hollywall owns exclusive and non-exclusive rights to market, manufacture and distribute over 17,500 songs from Music Recording Masters. The master recordings contains performances by such legends as Ray Charles, The Jackson 5, Frank Sinatra, Tony Bennett, Marvin Gaye and Duke Ellington.
Tuesday, October 18, 2016
Recent Volatility in the HWAL market
We are preparing a full shareholder update letter to be released later this week which will outline our recent growth activities including the hiring of a new Senior Executive Management team, recent acquisitions, current productions and exciting new projects.
Please allow the following to address the recent volatile activity in the market and outline our actions designed to rectify the market volatility.
Last year, (2015) when the company restructured its common stock 77:1 there was an outstanding convertible note due to Blackbridge Capital LLC., (Blackbridge).
On August 18, 2016, Blackbridge presented the first of two debt conversion notices to our transfer agent, Cleartrust LLC., for conversion of the debt due under the Note. Under such Conversion Notice, Blackbridge requested the issuance of 1,000,000 shares as calculated using the conversion price of $0.005 per share. The conversion rate they used for the issuance was a predated rate and prior to the company’s capital restructure of 77:1.
After being informed of this event by Cleartrust the company filed an injunction against Blackbridge in the Circuit Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida Circuit Civil Division on August 25, 2016.
Blackbridge should not been allowed to use the old conversion price that was set prior to the company’s capital restructure of 77:1.
Blackbridge continues to sell these shares into the market.