Intellect Neurosciences Inc. (fka ILNS)

[itwillgetbetter]

Well said.Its cause they got all the money.They like a national bank.

I think one of are MODS new to change the Read Alert sticky posted cause as of yesterydays pr no reverse will occur until a shareholder vote takes place.

Thats going to take months.Seems like they have to send out a proxy statement.I might be wrong but thats my thinks.

Most importantly them new Series F shares have no voting rights until converted.Again unless I'm reading this wrong rule 144 it 6 months that to me was from July 25,14 which means Jan 25,15 and only 1% per 3 months.

http://www.sec.gov/investor/pubs/rule144.htm

Then we know by this pr

http://ir.stockpr.com/intellectns/press-releases/detail/964/intellect-neurosciences-inc-issues-letter-to-shareholders

Certain shareholders surrendered a total of $16.75 million of Convertible Preferred Stock and more than 50 million warrants in exchange for nominal consideration and a majority of the holders of Series B, Series C, Series D and Series E Convertible Preferred Stock and the holders of the Company's outstanding Convertible Notes and Warrants previously issued by the Company agreed to eliminate the ratchet anti-dilution provision going forward

My question now is how many preferred series,B,C,E and warrants are outstanding.Don't seem like it would be many.

I guess my point is right now does the preferred in the sentence above total more votes then the common o/s now?

I think some preferred shares were converted before this deal and sold into the market.

They sure did not pr we going to allow common holders to vote for nothing or as a act of kindness imho.

Maybe its like one has posted they got something coming and it was delayed and this was the reason but what if my theroy is correct.