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IRISH, re: preferred shares....
According to the proxy materials for the shareholders' meeting, IPRE has "5 million shares of preferred stock authorized, 1,000,450 shares of which are issued and outstanding. Each preferred share holds conversion rights and voting rights of 100,000 to one. Our Chairman holds 1 million of those preferred shares..."
Or you waits until you grasps the situation better.
What I think is that they either did this really, really well or really, really poorly, and right now I have no idea which.
Eade is a majority.
Nurture him. He has potential as a P.R. writer.
The OS will be roughly four MILLION.
The phrase that James has been using is "probably as soon as is legally possible." Ken Eade oversees the financial/business end.
I would be, but after Friday's rally, I am dumbfound immune.
The meeting is scheduled to begin right now.
They didn't tell you that, did they?
James Hergott and Ken Eade told you that IPRE owns 90 percent of MLMD and they expect "Whiskers" to gross $100 million at the box office. Is that what you are saying?
I'll be staying for a while. If you don't like it, put me on ignore.
Art, you are neither a neophyte nor naive, so you know that in Pinkyville, companies often dilute not because they must but because they can. Urban Cassavant didn't need to dilute to the tune of 702 billion shares. As is all too common, it was simply a lifestyle decision.
So your earlier question is indeed the crux of it: "Do you believe James and Ken?"
The current skepticism is the result of James' and Ken's perceived disingenuousness. For whatever reasons one chooses to believe:
-- James gave out an OS figure that was approximately half the true number.
-- Borrowing a page from the man who killed his parents then threw himself on the mercy of the court as an orphan, they quadrupled the OS in less than a month then justified a reverse split on the basis of the resultant battered share price that was the inevitable result of their own dilution.
-- They buried the reverse split in a PR and did not divulge the split ratio in it.
-- In his Q&A with himself, Ken could have asked if he definitely would not convert any of his preferred to common shares in the next 12 months. He chose to ask himself if he "intended" to.
-- The PR yesterday was about as meaningful as if they announced that they pledge never to invade Poland.
So I am not saying that they will dilute or they won't. I am saying that -- for me -- they haven't earned the benefit of the doubt.
But I will continue to watch it. They made a real movie, produced an impressive trailer, hired professionals to hawk it at Cannes, and they appear to have other projects of varying potential in the pipeline.
It is not a matter of the company's viability. The linkage between that and ROI is tenuous at best in the over the counter marketplace.
Art, it is complete bullshit. The reverse split ratio hasn't changed.
First thing, I am reducing the A/S.
I have GOT to start myself one of these companies.
In practical terms for now? Zippo.
They can only dilute 498,000,000 shares after the R/S now....but they weren't going to dilute anyway, right?
Hilarious.
Basher
Mine was shorter.
Given that each film project involves separate funding arrangements, partnerships, distribution deals, etc, I don't think it is odd (or unusual) that each is set up as a distinct LLC. That is, however, the ONLY thing about that deal that I don't find odd.
What a surprise. Thanks.
Does this carry as much wiggle room as my layman's reading of it suggests?:
Given to the National Association of Securities Dealers, Inc., no later than 10 days prior to the record date involved or, in case of a rights subscription or other offering if such 10 days advance notice is not practical, on or before the record date and in no event later than the effective date of the registration statement to which the offering relates,
I wouldn't trust the management of any pinkie simply as a matter of principle, but they would have to be adept indeed to hide any significant dilution of a two million initial OS. (Of course, there's probably going to be a boatload of restricted stock out there, but that is next year's problem.)
Still, no compelling reason for holding into a 1-1000 reverse split jumps out at me.
In Canada perchance?
That was the original working title for "Say It in Russian."
The R/S can't happen too soon at this point.
Shouldn't someone be saying "a $1.8 million market cap is ridiculous" right about now?
Thanks, Art.
Because if we started to see 10 million share volume days, it would look a tad suspicious.
I wonder if James and Ken would pledge in a public statement not to gag the TA after the reverse split.
The last 10-Q was for the quarter ending 9/30/02.
Given that both Hergott and Eade have publicly lamented that the massive O/S appears to be very resistant to any and all positive developments and announcements, I would be surprised to see any blockbuster PRs before the reverse split takes place.
(Now that I've said that, there will probably be one in the next half hour.)
"Like 1000 shares @ #1.40 = $1400, increase in pps of .10 = $100 profit verses 300,000 @ .0014 = $420, increase in pps of .001 = $300."
The subpenny play looks attractive for good reason. Your example shows your $1.40 purchase appreciating 7.14 percent and your $.0014 purchase appreciating 71.4 percent.
James, is that you?
Accepted but not necessary at all. No problem whatsoever.
So you believe that on May 22, 2005 IPRE was announcing a special shareholders meeting on June 12, 2006?
It was a TYPO.
Why do I frigging try?
Read:
http://www.stockinformationsystems.com/c/ipre/investors.html
Start about halway down the page.
Oh, yes, it is.