16 Dec 2009capital raising announcement▼ BadMajor
Effective December 8, 2008 (reported in December 2009), Frontier converted four creditors' debts into 128,544,000 new shares at $0.00125 each: Sam Aiello (40,000,000), Dyron Watford (20,800,000), Phillip Russel (22,800,000) and Mark Genesi (44,944,000). The company says this cuts liabilities by $160,680 in its 2008 financial statements, but it dilutes existing shareholders. The creditors resold the shares to investors who, per management, have not paid them; management believes some investors sold the stock without handing over proceeds and intends to support the creditors' claims. Dyron Watford was earlier named as a consultant whose arrangement was cancelled in 2006; the filing shows Richard Shykora as President/CEO.