I do my research as all smart investors do. Researching IENT, a delisted non-reporting company for over a decade can be difficult. According to the filings with the Sec of State of N.C. here is the share structure.
WHEN IENT WAS FORMED THERE WERE 75 MILLION SHARES, 25 MILLION PREFERRED AND 50 MILLION OF COMMON! THE INCREASE WAS LIKELY DONE WHEN JW TOOK IENT PUBLIC.
The total number of shares of capital stock of all classes that the Corporation shall have the authority to issue is Two Hundred Million (200,000,000 shares. The authorized capital stock is divided into Twenty Million (20,000,000) shares of prefered stock, having $.01 par value per share ("Preferred Stock), and One Hundred Eighty Million (180,000,000) shares of common stock, having $0.01 par value per share (the Common Stock). The Preferred shares can be converted into common shares and we don't know how many if any, have been converted. There were also options issued and we don't know how many are floating around out there.
Class Shares No Par Value Par Value
PREFERRED 20000000 0.01
COMMON 180000000 0.01
[Amend]Statement of acquisition of beneficial ownership by individuals Acc-no: 0001047469-03-001490 Size: 19 KB 2003-01-15 005-55717 03515120 1,911,318 shares
Gerald F. Stahlecker
c/o Rose Glen Capital Management, L.P.
3 Bala Plaza East, Suite 501
251 St. Asaphs Road
Bala Cynwyd, PA 19004
Schedule 13D
NAMES OF REPORTING PERSON
1 S.S. OF ABOVE PERSON
John W. Stealey
Business Address: 8110 Perry Maxwell Circle,
Sarasota, FL 34240
Present Principal Employment: President of IamGame, Inc., an internet gaming business with its principal place of business
at 8110 Perry Maxwell Circle, Sarasota, FL 34240
12,347,117 SHARES
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 41.4%
Reporting Person's personal funds. The Reporting Person acquired the remaining 3,400,000 shares by exchanging 3,324.217 shares of the Issuer's Series D Preferred Stock, and such shares of Series D Preferred Stock were acquired from RGC International Investors, LDC by the Reporting Person on December 18, 2001 for the sum of $170,000, which amount was paid from personal funds of the Reporting Person.
Pursuant to the Securities Purchase and Exchange
Agreement dated December 18, 2001 (the "Purchase Agreement") among the Issuer, the Reporting Person, John Cay ("Cay") and
Dan Young ("Young"), the Reporting Person, or his designees, has been granted the right to purchase up to 10,000,000 additional shares of Common Stock of the Issuer for an aggregate amount of $500,000 for a period of ninety (90) days after the date of the Purchase Agreement.
Did you know that JW opted to remove IENT out of the North Carolina Shareholder Protection Act, Section 10.1 in May of 2012?
To regain control of IENT, JW rounded up his AF and YPO buddies and along with him, bought enough shares for JW to become the CEO again.
Nobody knows what happened to those shares.
Securities Purchase and Exchange Agreement dated December 18, 2001 among iEntertainment Network, Inc., John W. Stealey, John Cay and Dan Young.
AI
