These are parts to read carefully:
"FCC has been the beneficial owner of 80% of Bitzio's equity, and Bitzio has been the beneficial owner of 80% of the Company's equity."
This means 80% of GERS is owned by BTZO, so the rest theoretically owns 20% of the settlement money, and 80% of BTZO is owned by FCC, so the rest theoretically owns 20% of 80% (=16%) of the settlement money. And now think about the available shares 7.72 Billion for BTZO, and 14 to 20 million for GERS
How do you guys think this will affect the amount of money that goes to the common shareholders of each company?
Also:
"The majority of the Company's outstanding shares of Series G Preferred Stock are owned by Bitzio, Inc. The majority shareholder of Bitzio, Inc., is FLUX Carbon Corporation ("FCC"), an entity owned by Kevin Kreisler, the chairman of the Company. If all the Series G shares held by Bitzio were converted and exceeded the number of authorized common shares, there would be no contingent factors or events that a third party could bring up that would prevent Mr. Kreisler from causing the Company to authorize the additional shares. There would be no need to go to anyone outside the Company for approval since Mr. Kreisler, through FCC, controls the Company's majority shareholder."
