Thanks. This provides additional clarity about MMHC's recent moves. If you hold MMHC shares, you no longer own the old company. You now own a different, newly-created company.
The new company was created in order to reconstitute the old company the way that it was. Since the original European investors are retaining their shares (and having nothing to do with the new company), my conclusion is that this was done to give PROW back to the Europeans. Not sure why.
This eliminates the A series of preferreds.
No mention was made of the A-1s, which are the really, really toxic shares that can essentially wipe out most of the value of the commons at the whim of the A-1 holder(s). Ugh! Nor do we even know who holds those.
I was thinking that the new company was being created to get something happening here. That might be correct. However, it seems to me that the bigger rationale pertained to carving off the old PROW shell for those 3 Europeans.
Another useful piece of information is that the O/S was 435M as of 11/29 (versus 248M about 6 months prior). So, I was correct about them issuing shares during all of those pump jobs -- nearly 200M! Must be some pissed off bagholders who are ready to dump whenever they can.
And when you add 500M-435M to the 39M clawed back from the Europeans, it appears that MMHC has now (or had as of end of November) about another 100M shares to dump.
Bombs away!!!
Final snippet is that Jackson Morris is listed as all of MMHC's officers. So, they seem to be dropping the charade that Ken Sobel is President -- though I think they are still claiming that on OTC. My guess would be that Bland is still around, operating behind the scenes. But that is pure speculation based on how poorly written that last press release was.
I am obviously NOT an investment advisor.
