AS to the 5B preferred shares: It sounds to me as
Post# of 1514
Posted On: 08/15/2016 8:18:08 AM
Re: times2times2 #100
AS to the 5B preferred shares: It sounds to me as if the preferreds are there strictly for voting purposes, likely to prevent a hostile takeover. They're not convertible into commons and don't earn any divis. They can be redeemed for a whopping $5k, although it's unlikely they would be redeemed.
"The preferred shares have co-voting rights with the outstanding common shares on a one to one basis, so that the common shares and the preferred shares shall vote as though, together they were a single class of stock. The shares are redeemable by the Corporation at any time, with the permission of the Preferred Shareholders, at 1/1,000,000 of a cent per preferred share. These preferred shares have no conversion rights, no dividend rights, nor any liquidation preferences. These shares are not listed on any exchange." .
"The preferred shares have co-voting rights with the outstanding common shares on a one to one basis, so that the common shares and the preferred shares shall vote as though, together they were a single class of stock. The shares are redeemable by the Corporation at any time, with the permission of the Preferred Shareholders, at 1/1,000,000 of a cent per preferred share. These preferred shares have no conversion rights, no dividend rights, nor any liquidation preferences. These shares are not listed on any exchange." .
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