Struggling content Company Quickflix Limited (QFX) has announced a subscription agreement deal with Crede Capital Group (CCG) in an effort to raise $1.68 Million, the Company is run by Terren Peizer the former right hand man of jailed Wall Street heavy Michael Milken.
In March 1989, a federal grand jury indicted Milken on 98 counts of racketeering and fraud. The indictment accused Milken of a litany of misconduct, including insider trading, stock parking (concealing the real owner of a stock), tax evasion and numerous instances of repayment of illicit profits.
In the spring of 1985, in an effort to remove the competition from the marketplace, Michael Milken partnered with a then young Mr. Peizer, and made him Senior Vice President of Drexel Burnham Lambert.
Michael Milken immediately anointed Peizer as his “Prot?g? and left-hand man. Peizer and Michael Milken shared clients, desk and a phone; it was not long before Peizer assumed responsibilities for all of Milken’s direct client relationships.
Today Terren Peizer is the Chairman of Los Angeles-based investment company, Crede Capital Group (CCG) who earlier this month announced a surprise investment in struggling Australian content Company Quickflix.
At one stage Peizer was the most productive executive on the famous X-Shaped High-Yield Bond desk that became famous even by Wall Street standards.
Insiders claim that Mr. Peizer’s reputation as Milken’s top sharp-elbowed traders provided the foundation to his investment career.
Last week Quickflix lodged a Prospectus with ASIC where their links with Crede Capital Group were first revealed.
QFX has agreed to issue a total of 70,358,753 shares at an issue price of $0.024 per share and a total of 42,215,251 attaching options. Completion of the placement is scheduled to occur upon the investor subscribing for the shares and options pursuant to the Prospectus.
The WA based Company claims that they will use the proceeds from the placement for the continued development of its digital streaming service and to increase its subscriber base through increased marketing