Okay, PFMS created 4 million series D shares. Reading the filing closely gives me the impression a reverse merger is definitely happening here. A very important point is the conversion rate is 1 series D to 1 common. Meaning they are NOT getting a bajillion common shares to dump if they choose to convert. The valuation on these series D shares is $1.00/share. They would never convert unless PFMS is trading over a dollar a share. Why issue these? Read the info regarding preference to the Series D shares in the event of a merger. They will get paid well if/when the merger takes place. This will not hurt the common shareholder. After reading this filing, I am more confident a reverse merger is going to happen and happen in a matter of weeks at this point. This is all my opinion and my own interpretation. Read the filing and see what you think. It all adds up now though.
after reading the filing. It seems like a merger or buyout may be in the works but it also sounds like Series D holders would get paid 4 million dollars before any common holders receive anything. It seems to say that series D holders are entitled to 4,000,000 shares at one dollar a share in case of a buyout and they will be payed first, and then common share holders can split the scraps... Is that wrong?
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