MLF is practically dead

Fran
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MLF is practically dead

Post by Fran » Sat Feb 06, 2016 1:20 am

http://www.edgarexplorer.com/EFX_dll/Ed ... D=11153097

On September 8, 2015, Major League Football, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Original Purchase Agreement”) with Clairemont Private Investment Group, LLC, a Texas Limited Liability Company (the “Purchaser”) in connection with a private placement of series A preferred stock and common stock whereby the Purchaser agreed to invest in the Company a total of $15,000,000 pursuant to two separate closings. The first closing closed on October 2, 2015. Subsequently, for reasons not related to any aspect of the Company , the Purchaser contacted the Company and requested that the Company not disperse any of the $5 million that the Company received from the Purchaser on October 2, 2015, and informed the Company that it desired to negotiate an amendment to the Original Purchase Agreement that would provide for different closing dates. The Company agreed to not disperse any of the $5,000,000 in investment funds it received from the Purchaser and to negotiate an amendment to the Original Purchase Agreement.

On October 20, 2015, (i) the Company and the Purchaser agreed to rescind in its entirety the Original Purchase Agreement and entered into an Amended and Restated Securities Purchase Agreement (the “Amended Purchase Agreement”); (ii) the Company agreed to refund all funds it received from the Purchaser; and (iii) the Purchaser agreed to return all securities it received from the Company. Under the Amended Securities Purchase Agreement, the Company would sell to the Purchaser in exchange for $20,000,000 and a right of first refusal to purchase a Company franchise in Missouri City, TX (the “Right of First Refusal”) either (i) 26,666,666 shares of Company common stock in the event the closing occurs on or before February 1, 2016; or (ii) the lesser of (a) the number of shares of common stock equal to the quotient obtained by dividing 20,000,000 by the Company’s 20 day VWAP price of the Company’s common stock during the twenty (20) consecutive trading day period beginning on the last trading date prior to the closing date or (b) 26,666,666 shares of common stock, in the event the closing occurs at any time after February 1, 2016.

The entire $20 million sale and purchase of the common stock was scheduled to close on February 1, 2016. The Purchaser breached the Amended Purchase Agreement by not delivering to the Company the $20,000,000 purchase price to purchase the common stock as required by the terms of the Amended Purchase Agreement.

The Company is presently in discussions with the Purchaser regarding a remedy of the Purchaser’s breach of the Amended Purchase Agreement.

Minor League Man
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Post by Minor League Man » Sat Feb 06, 2016 2:24 am

tl;dr - what does this mean?
Proud to be a veteran of these boards for the last 5 years...

robster2001
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Post by robster2001 » Sat Feb 06, 2016 3:16 am

[quote=""Fran""]http://www.edgarexplorer.com/EFX_dll/Ed ... D=11153097
The entire $20 million sale and purchase of the common stock was scheduled to close on February 1, 2016. The Purchaser breached the Amended Purchase Agreement by not delivering to the Company the $20,000,000 purchase price to purchase the common stock as required by the terms of the Amended Purchase Agreement.

The Company is presently in discussions with the Purchaser regarding a remedy of the Purchaser’s breach of the Amended Purchase Agreement.[/quote]

There was no $20m from Clairemont, there is no $20m, there will be no $20m, and thus there will be no MLFB.

MLFB will be suing its "angel" for the $20m, followed shortly by Sinclair suing MLFB for breaching the TV contract.

Everyone loses except the lawyers.

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Sam Hill
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Post by Sam Hill » Sat Feb 06, 2016 3:27 am

Good riddance to bad rubbish.
Old enough to remember when bashing the ABA was fun.

Fran
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Post by Fran » Sat Feb 06, 2016 4:22 am

http://www.nfldraftdiamonds.com/breakin ... investors/

According to the MLFB website under Investors and SEC Filings, the new league did not get the investment they were hoping for.

Under their February 5th SEC filing, the company failed to receive the 20 million dollar investment from Clairemont Investing Group.

The Major League Football will continue to try to land investors, but it may be too late.

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Sam Hill
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Post by Sam Hill » Sat Feb 06, 2016 6:21 am

[quote=""Sam Hill""]
And how does a company with $95,000 in annual revenue - based in a house that is estimated to be worth $150,000 - invest $15M in anything?[/quote]

I believe I had that one.
Old enough to remember when bashing the ABA was fun.

ranger21263
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Post by ranger21263 » Sat Feb 06, 2016 6:30 am

it was me on twitter that alerted nfl draft diamonds about the clairemont deal falling thru....got a nice shoutout from them....i've been answering tweets for the past 4 hours...even gave our message board a shout-out...

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Post by Fran » Sat Feb 06, 2016 12:29 pm

Theses IFL Billings Wolves players were dead wrong about Major League Football

http://billingsgazette.com/sports/footb ... 77012.html

Wrenn and Cook have decided to give the league a shot. They will report Feb. 16 to Florida, where the eight-team spring league will begin its camps.

“All I want is an opportunity … and I feel like this is my last shot,” said Wrenn, a cornerback and kick returner. “If it doesn’t work out, I will be content. I wouldn’t be content without taking this opportunity. I don’t want to regret that.”

The league will begin this spring with 10 regular-season games and three weeks of playoffs. Cities for the eight teams have yet to be announced, although Wrenn said he likely was headed to Salt Lake City and Cook to Florida.

MLFB has the backing of recognizable names with NFL ties, starting with league president Wes Chandler, a former All-American from Florida who was the third overall pick in the NFL draft by New Orleans in 1978.

Coaches include former Dallas Cowboys coach Dave Campo and former quarterback Chris Miller, who made a name for himself with the Atlanta Falcons.

Another former NFL quarterback, Marc Bulger, joined the league as an advisor. And Herm Edwards, the ESPN analyst who coached the Chiefs and Jets and played for the Eagles, is the league’s senior advisor.

“I did my research because I was skeptical because (other leagues) have tried this before,” Wrenn said. “(The) former coaches and players invested in this made me more confident. It seems legit, and it’s everything they say it’s going to be. It’ll be a great opportunity for me and other players.”

Cook looked at it much the same, saying he couldn’t pass on the chance.

“I’m trying to get a look and get a shot at the league; this can get NFL eyes on you,” said Cook, who played safety with the Wolves. “If I see progress, I can keep going with it. I see this as progress.”

Fran
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Post by Fran » Sat Feb 06, 2016 12:31 pm

One big MLF supporter Richard Beam comment on facebook was

Fellas this is only one of the many avenues of financial support that the MLFB had.
Don't let this news discourage you.

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Cue Music

Post by LordBy2014 » Sat Feb 06, 2016 2:52 pm

I believe the next song we'll hear is "Taps" in regards to MLFB . . .

(like we didn't see this one coming from a mile away)

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