Posted On: 06/21/2015 3:46:00 AM
Post# of 96892
What gives? I've seen two or three references to preferred stock holding all the power to control a buyout. However, NTEK does not have preferred stock. At least per the 3/31/15 10-K or the company info listed on this site. The only stock outstanding is COMMON, unless I completely missed a notice to the contrary. The company's own website does not indicate the issuance of any preferred stock or even the existance of such a class of stock.
Now, as to the kapok about an APPL exchange of stock: BALDERDASH! I believe that it was brought up to get people thinking it might happen and even get posters to discuss it in the present tense (rather than as a future event). Then, when it doesn't occur it would be branded as a management failure to reflect badly on NTEK. To see just how poor a deal (as discussed, 5000 for 1) it would really be, I offer the following for your consideration if all of the 400mm newly authorized shares were granted to management as an inducement to vote for such an exchange.
Assume that an individual received a bonus of 40mm shares (10% of total new A/S) and then received $0.02532/sh. (APPL closing s/p $126.60/5000 NTEK shs). That would be a gross of $1,012,800. If this individual is a California resident he/she would have to pay federal and state tax of about 55% ($557,000). Their net proceeds would be about $455,800. Do any of us think our management is that stupid? Maybe if the rate was 500 for 1. And if the rate was 50 for 1 or less we would probably be lined up out the door to vote for acceptance, But as was stated, 5000 for 1, that's not BS, that's just sh*t that a basher puts forth to get us talking about nonsense.
GLTA & GO NTEK
Now, as to the kapok about an APPL exchange of stock: BALDERDASH! I believe that it was brought up to get people thinking it might happen and even get posters to discuss it in the present tense (rather than as a future event). Then, when it doesn't occur it would be branded as a management failure to reflect badly on NTEK. To see just how poor a deal (as discussed, 5000 for 1) it would really be, I offer the following for your consideration if all of the 400mm newly authorized shares were granted to management as an inducement to vote for such an exchange.
Assume that an individual received a bonus of 40mm shares (10% of total new A/S) and then received $0.02532/sh. (APPL closing s/p $126.60/5000 NTEK shs). That would be a gross of $1,012,800. If this individual is a California resident he/she would have to pay federal and state tax of about 55% ($557,000). Their net proceeds would be about $455,800. Do any of us think our management is that stupid? Maybe if the rate was 500 for 1. And if the rate was 50 for 1 or less we would probably be lined up out the door to vote for acceptance, But as was stated, 5000 for 1, that's not BS, that's just sh*t that a basher puts forth to get us talking about nonsense.
GLTA & GO NTEK
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