Here is my best read on the rescinded stock situat
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Posted On: 01/31/2017 5:51:53 PM
Here is my best read on the rescinded stock situation:
George Coates loaned certain amounts of money via promissory notes at 17% interest to himself ie: Coates International Ltd.. He later converted these notes to stock in a series of three transactions. He had to rescind (reverse) the transactions, which in part or in total were determined to be improper or illegal, thereby reducing the number of shares issued, reducing the dilution and reinstating the promissory notes at 17% interest. It is now as if the stock conversions never took place and the promissory notes have been reinstated as they were before the conversion.
Reduction of stock dilution is good news but the 17% promissory notes still weigh in the balance of things to come. I do not see this as good or bad relative to the anticipated PR. But if my interpretation of what happened is correct, I am concerned about the sloppy bookkeeping. Just my opinion.
George Coates loaned certain amounts of money via promissory notes at 17% interest to himself ie: Coates International Ltd.. He later converted these notes to stock in a series of three transactions. He had to rescind (reverse) the transactions, which in part or in total were determined to be improper or illegal, thereby reducing the number of shares issued, reducing the dilution and reinstating the promissory notes at 17% interest. It is now as if the stock conversions never took place and the promissory notes have been reinstated as they were before the conversion.
Reduction of stock dilution is good news but the 17% promissory notes still weigh in the balance of things to come. I do not see this as good or bad relative to the anticipated PR. But if my interpretation of what happened is correct, I am concerned about the sloppy bookkeeping. Just my opinion.
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