Johnson's plan going forward: "I think we need to tell people that we are expanding the scope of the project and our approvals have been delayed a bit, but hope to have sales starting in April, as we redraw the project to include much more land, without giving any specifics."Johnson contacted his new project lawyer, Andrés Chirgwin, asking him to sue Cobin for misrepresenting El Peñon and violating a non-compete agreement.
Chirgwin advised against this while the original corporation, Galt's Gulch Chile SA still existed. concerning Cobin Eyzaguirre Johnson asked project lawyer Chirgwin to draw up agreements to be presented to El Peñon's neighbors to use their property for the GGC community where they would retain ownership and split profits with IGG. Johnson directed Berwick's and his lawyers who held the shares of IGG to sign 9,999 shares over to him, and one share to Chirgwin.
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No prospectus, no disclaimers, no verification of accredited investor status.
All four partners' background discussed in this literature.
This is a must read because it may violate SEC regulations, and does not disclose material information, such as the fact that Cobin and Eyzaguirre were no long with the project, or that Johnson was the sole owner of the real estate holding company.
Galts Gulch Chile ORIGINAL Founders Club Advertisement Also see this spreadsheet that Johnson made available to the equity investors with impossible revenue projections--$20 million over two years in construction commissions??? Four "founders" paid into GGC using these "contracts." For $250,000 per unit, they were to receive 1% ownership of GGC.
Johnson represented that equity investment in first and second rounds would total $25M.
In fact, only the first round was an equity investment and totaled .75M. Funds were transferred to a lawyer's account in New Zealand.
HOA redacted Agreement between El Peñon seller, Sarrazin , Johnson and Berwick acknowledging that GGC SA would close and the property would be bought by another entity.
On this date, Cobin's powers of attorney for Johnson and Berwick were rescinded.
Meeting minutes say that the partners agreed to dissolve the corporation and the partnership.
Johnson claims that all the partners met and agreed.
Cobin says the meeting never happened and that he did not agree to dissolve GGC SA without being compensated according to their previous agreement.