I changed my mind, after reading lie after lie I had to respond. First your glitch is all bs and you know it, the first IHUB post you had about your 2 share trade inferred that you made that trade today and you posted the "sale" yet you failed to put the date of execution, then you messed up by putting the level 2 of aug 5th the same date as your 2 share trade on the hangout. That was obvious, and now your response to agribus is that he gave a straight gift of 30 million. Either you are senile or just plain lying again. Below is a copy of the 10Q that states exactly what has happened/is happening, and that mr lenfest is getting 14 dollars per share in dividends, accumulative. You can't argue with facts, and your posts continue to be anything but.
On January 11, 2012, TelVue executed a Debt Conversion Agreement with Mr. Lenfest. At a Special Meeting of Stockholders on March 12, 2012, the stockholders of the Company authorized and approved the Debt Conversion Agreement and the transactions contemplated thereby (“the Conversion Transactions”). The Company consummated the Conversion Transactions on March 16, 2012. $20,941,000 of the principal amount of the Notes and Science Note, plus $4,921,082 of accrued but unpaid interest thereon through March 16, 2012, was converted into 369,458 shares of the Company’s Common Stock (as adjusted for the reverse stock split disclosed in Note 6), at an adjusted conversion price of $70.00 per share. The remaining $5,000,000 of the principal amount of the Notes was converted into 14,285.714 shares of the Company’s Series A Convertible Preferred Stock.
6. REDEEMABLE CONVERTIBLE PREFERRED STOCK AND COMMON STOCK
The Conversion Transactions disclosed in Note 5 included the authorization of 22,500 shares of a new series of preferred stock of TelVue designated as Series A Convertible Preferred Stock (“Preferred Stock”). The Preferred Stock has a par value of $0.001 and is convertible into shares of common stock at a price of $70.00 per share at the option of the holder or upon certain contingent triggering events. The Preferred Stock is redeemable at the option of the Company or upon certain deemed liquidation events. Because the issued and outstanding Preferred Stock is held by the majority stockholder who has control over redemption through representation on the Company’s Board of Directors, it is classified as temporary equity in the condensed balance sheet. From the date of issuance, dividends at the rate per annum of $14.00 per share shall accrue on the Preferred Stock, whether or not declared, and shall be cumulative. Accruing dividends shall be payable only when, as and if declared by the Board of Directors, and the Company shall be under no obligation to pay such accruing dividends, except upon liquidation, dissolution, winding up or other deemed liquidation event to the extent there are assets available for distribution, or redemption of the Preferred Stock by the Company. The accruing dividends shall be payable in either cash or shares of Preferred Stock as determined by the Company, and in preference to any cash dividends to common stockholders. As of September 30, 2012, aggregate cumulative dividends in arrears on the outstanding Preferred Stock amounted to $108,494, or $7.59 per outstanding share, and are included with the Preferred Stock in the condensed balance sheet. The liquidation preference of the Preferred Stock at September 30, 2012 is $5,108,494.
On January 11, 2012, TelVue executed a Debt Conversion Agreement with Mr. Lenfest. At a Special Meeting of Stockholders on March 12, 2012, the stockholders of the Company authorized and approved the Debt Conversion Agreement and the transactions contemplated thereby (“the Conversion Transactions”). The Company consummated the Conversion Transactions on March 16, 2012. $20,941,000 of the principal amount of the Notes and Science Note, plus $4,921,082 of accrued but unpaid interest thereon through March 16, 2012, was converted into 369,458 shares of the Company’s Common Stock (as adjusted for the reverse stock split disclosed in Note 6), at an adjusted conversion price of $70.00 per share. The remaining $5,000,000 of the principal amount of the Notes was converted into 14,285.714 shares of the Company’s Series A Convertible Preferred Stock.
6. REDEEMABLE CONVERTIBLE PREFERRED STOCK AND COMMON STOCK
The Conversion Transactions disclosed in Note 5 included the authorization of 22,500 shares of a new series of preferred stock of TelVue designated as Series A Convertible Preferred Stock (“Preferred Stock”). The Preferred Stock has a par value of $0.001 and is convertible into shares of common stock at a price of $70.00 per share at the option of the holder or upon certain contingent triggering events. The Preferred Stock is redeemable at the option of the Company or upon certain deemed liquidation events. Because the issued and outstanding Preferred Stock is held by the majority stockholder who has control over redemption through representation on the Company’s Board of Directors, it is classified as temporary equity in the condensed balance sheet. From the date of issuance, dividends at the rate per annum of $14.00 per share shall accrue on the Preferred Stock, whether or not declared, and shall be cumulative. Accruing dividends shall be payable only when, as and if declared by the Board of Directors, and the Company shall be under no obligation to pay such accruing dividends, except upon liquidation, dissolution, winding up or other deemed liquidation event to the extent there are assets available for distribution, or redemption of the Preferred Stock by the Company. The accruing dividends shall be payable in either cash or shares of Preferred Stock as determined by the Company, and in preference to any cash dividends to common stockholders. As of September 30, 2012, aggregate cumulative dividends in arrears on the outstanding Preferred Stock amounted to $108,494, or $7.59 per outstanding share, and are included with the Preferred Stock in the condensed balance sheet. The liquidation preference of the Preferred Stock at September 30, 2012 is $5,108,494.
