So how is Owens selling preferred shares? Preferre
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Posted On: 03/08/2019 1:09:54 PM
So how is Owens selling preferred shares? Preferreds are not commons. He'd have to convert the preferred to commons at some exchange rate. Berman clearly stated that preferreds had no value. The preferreds only carried 5000-1 voting rights.
Did he lie? Is there actually a value associated with those shares? The original agreement with Owens on 3/31/15 called for 20 million common and 30 million preferred shares valued at $160,000. Owens sold the common at that time but held the preferred.
So what is a fair current value for preferred that have no value except on a 'extortion level"? If it's $25,000 that's 16 million common shares. Could be much higher and could be much lower. SB needs Owens far more than Owens needs SB. But a guy who "negotiated" Delaware down by $328,000 would surely not cave into Owens demands so quickly, right?
Did he lie? Is there actually a value associated with those shares? The original agreement with Owens on 3/31/15 called for 20 million common and 30 million preferred shares valued at $160,000. Owens sold the common at that time but held the preferred.
So what is a fair current value for preferred that have no value except on a 'extortion level"? If it's $25,000 that's 16 million common shares. Could be much higher and could be much lower. SB needs Owens far more than Owens needs SB. But a guy who "negotiated" Delaware down by $328,000 would surely not cave into Owens demands so quickly, right?
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