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Okay this is the part where we do your home work for you, AGAIN...
Preferred Shares generally pay a dividend, but they don't have to pay a dividend. It depends on which class of preferred shares they are from the company's standpoint. Your mistake is that you are lumping all Preferred Stock into the Participating Preferred Stock category. The Preferred Shares used for the Harbour Townhomes acquisition were a new class of preferred for PBLS that are basically a form of Preferred Equity Redemption Stock.
But just for your education (and trust me, this is the only time I will do your DD for you), here are the terms of these "PERC shares" taken from the recorded Deed of Sale...
"In consideration of this sale by Harbour Townhomes LLC to PBLS LLC grants to Harbour Townhomes LLC the following options:
First Option:
Phoenix Associates Land Syndicate Inc herein grants to Harbour Townhomes LLC the option to purchase Four Houndred Thousand shares of PBLS LLC Preferred Stock with a Par Value of Ten and No/100 ($10.00) Dollars per share for a total of Four Million and No/100 ($4,000,000.00) Dollars. The price of said option shall be Ten and No/100 ($10.00) Dollars. In the event Harbour Townhomes LLC or its assignees shall have the right to “put” any or all of the shares of PBLS, LLC after (5) years and PBLS LLC shall redeem/purchase any or all Preferred Shares “put” by the holder for Ten and No/100 ($10.00) Dollars per share; or
Second Option
Phoenix Associates Land Syndicate Inc. herein grants to Harbour Townhomes LLC the option to convert fifteen (15%) percent of the Four Hundred Thousand shares referenced in “First Option” of PBLS, LLC Preferred Stock into PBLS LLC Common Stock in any one year, beginning one year from November 22, 2006, up to Four Hundred Thousand and No/100 Dollars ($400,000.00) Dollars shares of PBLS LLC Preferred Stock. The price per share shall be the price of PBLS, LLC Common Stock posted on its stock exchange, as of the date of the notice exercising this option however in no event shall the option exercised if PBLS LLC Common Stock is less than .03 per share sent registered United States mail postage pre-paid."
Harbour Townhomes took 340,000 of the 400,000 PERC shares for compensation, because unlike you, they believe that PBLS is a growing, cash rich company. Thanks for trying to help correct my mistake though. Whatever alias you use, like Chicken Little, the sky is always falling because of these "evil" preferred shares to you. This will be the ONLY time I waste my time and I respond to your cynicism. I only respond for the sake of my friends who you so try to confuse. My friends here can see that PBLS and Harbour Townhomes believe that within 5 years, the common share pps might exceed $10, which is why they offered the second option.
Maybe my professor asked leading questions, but at least he knew somewhat of what he was talking about before he opened his mouth and convinced everyone that he was a fool.
Fire away with your smoke and mirror answer now. It will merit no more responses from me.
(Friends, please forgive me for coming off so arrogant with this Charlatan.)
Ren
OT-true story...first day of Intro to Marcoeconomics the professor asked a question. "How many of you think that both your great grandmother and great grandfather had to work a 9 to 5 job to support their family?" Hardly anyones hand went up. Next he asked, "How many of you think that both your grandmother and grandfather had to work a 9 to 5 job to support their family?" 25% of the hands went up. Next he asked, "How many of you had fathers and mothers that had to work a 9 to 5 job to support you?" 50-75% of the rooms hands went up. Then he asked, "How many of you think that you and your spouse will have to work to support yourselves?" Everyone's hand went up.
Finally he asked, "So how many of you believe that Americans are really getting richer and their quality of life is really improving?"
And then there was silence.
Just keeps my motives in check with the money I make from my real job. Helps me remember where I could easily be with all the stupid things I did pre-what I believe now.
The next meal for my homeless friends is tomorrow morning by the pier. Me and some friends cook eggs and toast and coffee on a coleman stove, as long as the police do not bother us. That's the only solution I know for the time being.
Sad thing is, most homeless can't emotionally/mentally hold a jon to begin with. That's can't cope with the reality of our world which is why they can not function in it. Again, this is just my experience with them relationally over the past few years. If most of us knew the TRUE stories of why they are so broken, we'd all probably help more.
My wife is a saint. She honestly wants to buy a city bus and just use it to move the homeless around town to the missions, food banks etc for free. We actually consider using PBLS money for that in complete seriousness.
Let's start this first date over, okay?
Share structure based on PR's. And boy I wish I could pump back to AT LEAST break even I guess with predictions based on good old fashioned FA. No offense intended, but read this book, it will really help... http://www.amazon.com/Interpretation-Financial-Statements-Benjamin-Graham/dp/0887309135/sr=8-1/qid=1...
Sorry if you feel like I chastised you. I post an opinion and I feel like you go on the offensive for something I was clearly in agreement with you on. Can we be friends instead? I really do have decent personal hygiene. Here's some more FA based on the UNAUDITED numbers given in 2005 (I am certain I made a few mistakes, I typically do). As soon as 2006 is released I will provide analysis of improvements or weaknesses.
BALANCE SHEET 2005
ASSETS
Current Assets
Cash & Cash Equivalents $6,646,963
Accounts Receivable - Net $1,273,181
Inventories $9,525,500
Total Current Assets $17,445,644
OTHER ASSETS
Investment $9,633,375
Prepaid Expenses $102,296
Goodwill $9,632,540
Oil Reserves $0
Land Lease(s) $1,401,265
Total Other Assets $20,769,476
FIXED ASSETS
Buildings $728,000
Land $225,000
Building Improvements $25,275
Machinery & Equipment $2,309,398
Furniture & fixtures $157,965
Leasehold Improvements $18,527,000
Mineral Reserves $47,550,000
Vehicles $275,531
Less: Accum depletion ($13,314,000)
Less: Accum depreciation ($6,225,277)
Total Fixed Assets $50,258,892
TOTAL ASSETS $88,474,012
LIABILITIES & SHAREHOLDERS EQUITY
Current Liabilities
Accounts Payable $5,965,274
Note Payable - short term $500,000
Accrued Expenses $1,499,365
Total Current Liabilities $7,962,639
LONG-TERM LIABILITIES $2,191
LONG-TERM DEBT $0
SHAREHOLDERS' EQUITY
Stock $9,499,384
Paid in Capital $61,888,642
Unrealized Market Gain/ (loss) ($27,363)
Retained Earnings $9,146,519
Total Shareholders' Equity $80,507,182
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $88,474,012
Gross Margin 5.54%
Operating Profit Margin 3.90%
Net Profit Margin 4.27%
Expenses in Relation to Revenues 96.10%
Working Capital $9,483,005
Current Ratio (2 is standard) 2.19
Quick Assets Test/Acid Test (1 is standard) 0.99
Capitalization $80,507,182
Debt-to-Equity 0.0%
Book Value $80,507,182
Both Orlando and Jacksonville, FL have run large front page spreads on the same thing. The Homicide rate was up almost 40% in 2006 in those cities, and more often than not, the accused was a Gulf Coast transplant. Sad but true.
Apparently you didn't read the first sentence did you? Sorry to be so harsh, but I started by clearly stating that nothing is certain with a gagged T/A and unaudited financials. If anything, the pps of this stock is very unpredictable due to things you and I wouldn't agree on. I was just giving an opinion of what the pps could hit if they release financials.
eom.
Mick - Still don't think we will trade at a multiple if we are non-reporting with a gagged T/A...but here's my take IMO.
PBLS 2006a
Market Cap $115,360,000
Revenue $206,000,000
Net Profit Margin 8.00%
Net Income Pre-tax $16,480,000
Taxes (30%) $4,944,000
Net Profit/Earnings $11,536,000
O/S 815,000,000
EPS $0.014
P/E 10
Price Per Share $0.142
PBLS 2006b
Market Cap $123,600,000
Revenue $206,000,000
Net Profit Margin 10.00%
Net Income Pre-tax $20,600,000
Taxes (30%) $8,240,000
Net Profit/Earnings $12,360,000
O/S 815,000,000
EPS $0.015
P/E 10
Price Per Share $0.152
Here's where we could be going (okay, sorry, wishful thinking)
Conglomerates
Market Cap $221,800,000,000
P/E 17.80
ROE 18.50%
Long-term Debt to Equity 0.69
Price to Book Value 7.09
Net Profit Margin 7.10%
I'll be happy with $.03-.5 pre-audited financials. IF, and I do mean IF, financials come, though they are supposed to by 2Q2007, I could see us at $.15-.25.
Ren
Again, according to legally recorded documents they do convert, and only convert on a 1 for 1 basis. There is no 6%, there is no balloon payment.
Do your homework. eom.
Biggest issue in New Orleans now seems to be crime. If they get that cleared up the film industry and other big businesses might consider moving back.
Thanks TTR. Just me trying to put myself in the acquired companies position...
OT: Okay, got it. I'll remember when it warms up a bit at the beach. Actually Negra is a great beer I had kind of forgotten about, so thanks for the reminder.
Okay, so here's the scoop. We all need to put a "White Elephant" list together of beer, wine, tequila, Dr. P etc to buy each other at the Shareholders meeting if this thing ever REALLY takes off. We can skip the exchange part, grab our preferred beverage, and just get to the "eat, drink and be merry part..." in the words of a wise man I dig (not Dave Matthews BTW) ;)
Yep. OT. SHiz, please go back and insert OT's in front of all those messages before we lead a certain poster into complaining that PBLS pays for companies with too many Preferred Beers...
Negra Modelo is CHOICE my friend, especially with a lime (or is it a lemon I can't remember).
Modelo is Mexican Newcastle while Corona is Mexican Shlitz...
I was popular once. But then my mom sent me to kindergarten and it's been downhill ever since. As for the wife, well, that lasted 2.7 minutes after the honeymoon, or maybe it was 2.7 minutes at the very start of the honeymoon if you catch my drift (gnulnx forget I ever wrote this since you just got married (wave of the hand to go with the jedi mind trick for memory loss)).
Is it good beer? Has the move up in PBLS pps gotten you away from sissy non-dark cheep domestic beer? You're not a Pabst, Mic Ultra, or Budweiser "E" man are you, 'cuz that might be an insult. Now if it's a Newcastle, Smithwicks, Guinness, Sammy Adams Winter or Brown Lager, or even a Blue Moon or UFO that's cool. Otherwords, them fighten' words! ;)
You just reminded me that I have beer in the fridge and I had a great day...surfed this morning, finished the Waynescoating and faux beam ceilings on my new beach house, had breakfast with friends, lunch with family, made the wife happy with some new ceiling fans from Lowe's and sold some Real Estate this afternoon, all to find out that my little PBLS went up again.
Cheers, mate!
My thoughts on the use of Preferred Shares for acquisitions...
The simple fact that the TCB's, Harbour Townhomes and Best Jets of the world take Preferred Shares as compensation tell me that these companies must really know things about PBLS that we don't know about, and ARE IMPRESSED with what they see. Unfortunately, we're all kind of in the dark. Sure, we all hate it and deserve more information. But the Harbor Townhomes and Best Jets of the world keep selling their assets to PBLS, the little penny stock without a lot of transparency, a gagged T/A and unaudited financials. Tells me that PBLS must be able to deliver some REALLY compelling evidence during negotiations to get them to take consideration in preferred shares that PBLS says are worth up to $10 a piece. I mean, would you sell your business to a non-transparent penny stock currently trading at a $.018 pps? I sure as heck wouldn't unless they REALLY sold me on something tangible.
The claim by some is that these businesses are desperate to get out. They are debt heavy and so PBLS buys them "on the cheap," but they are essentially worthless. Well I checked with 2 local realtors today who both verified that the Harbour Townhomes have tremendous potential for the person who can put the appropriate amount of money into them. Same with Best Jets. Here's a company doing good business but who could do great business if they had the right equipment available to them. So PBLS buys them "cheap" because they have the liquidity to finance their healthy expansion. Surely some of that liquidity comes initially from Preferred Shares or the sale of common shares, but that's what healthy companies do.
Sorry to be so long winded (what's new?), but the use of Preferred is not a bad thing IMO. It shows me that these companies that "see" more about PBLS than we do are impressed enough to take Preferred Shares from a penny stock instead of cash. THAT'S HUGE.
BTW, for the Harbour Townhome deal, all of the Preferred Shares have the option to convert on a 1 to 1 basis for common shares after a restricted time period. They are not promised a dividend or a percentage of future quarterly/annual earnings. They are a great usage of equities by PBLS for this acquisition IMO.
Also, buying companies with debt is a GREAT tax break at the EOY which is why 2005 financials showed no taxes paid.
Ren
IMO
EXACTLY....it's sad that when we are having so many new reads, so many of the "good guys" on this board allow the one bad fish to clog up the board with the typical message board bickering.
Come on guys, ignore it all ready! After 377 negative posts do you think it's gonna change?
Thankfully this is not a pump board and IMO the mods (though positive on the stock which is why they are mods for this stock to begin with) do let folks ask good, tough questions.
The company tangibles that we do have speak for themselves for a penny stock. Let's take Seeclear's advice and continue to dig and give good info to all and to ask tough questions when needed instead of allowing ourselves to be distracted.
That's all I have to say on the subject, and ironic that I have to add a "clogging" post about all the clogging posts. If our antagonist wants to go round and round with me now, let him know that I have no time to waste with him or his scams. His post complaining about using preferred to buy these companies confirmed for me that he is who I think he is. Good call on that Shelby.
Ren
Madison provided a mortgage of $6.5 million, which made up 59% of the purchase price.
Thanks for responding. Just needed to hear the board's opinion.
Just got back from working all day and see that we slipped some more. Also see that my post from the beginning of the day was never answered so I'll be bull headed...
Question: could the promised Divy have been given to help make investors in BIGN buy more at end of December and hold longer through January as BIGN knew that the LOI that everyone is waiting for isn't complete yet?
Not trying to bash or pump, and yes I do own shares, but not a ton. This is just something I have been wondering about. Either way, it doesn't seem to be working well but I continue to hold on hope of news.
Ren
Just total the volume of shares traded over any 6 month span pre-November 2006 and compare that to the current A/S (Go ahead and even assume that PBLS was diluting ALL of the A/S as some have and it still doesn't add up).
Question: could the promised Divy have been given to help make investors in BIGN buy more at end of December and hold longer through January as BIGN knew that the LOI that everyone is waiting for isn't complete yet?
Just a thought...and sorry if this has been discussed. My job doesn't let me stay "on board" all day.
Ren
LA and New Orleans doesn't bother me, though the crime is still a major problem to middle class and high end buyers since Katrina...but I hope that don't even think about Michigan right now. It's an awful market for the most part. Talk about Bag Holding...I have several friends stuck with property there for more than 3 years now...
Depending on set backs, permiable (sp?) ground restictions, and useable parking stipulations, they could probably put 8 units on that property. If they are smart, they will build brand new units on that land that look exactly like the refurbished ones, except for the fact that they are new. Then use a 2 bedroom new unit and a 3 bedroon new unit as models for sales.
Or...depending on how much value added it would bring, they might consider building a nice new private clubhouse facility there with party space, workout facilities, even a supply shop for boaters...it would make a nice amenity edition and could then probably put the sales price on the refurbished units to close to $450K on average. Then you can also make the Townhomes a "Private Club" and charge an mandatory initation fee for new buyers that the developer usually takes a 30% cut on. Could make for an additional $10-20K per unit if the market would support it.
Man I love development...it's like Lincoln Logs meets Monopoly meets Sand Castle building at the beach (of course it's a bit more expensive :)
Ren
IMO
Very nice piece of property. Can't wait to find out specifics on how many units and what expected resale would be if they were refurbished. With an inhouse construction company, this could be a very nice 6 month ROI. I might even have some channels that could move the whole lot of them to California investors as the rebuilt townhomes would qualify for Go-zone incentives. I'll have to call Ron on that one...
Sorry to post in all caps there (not really).
Just angry at watching Notre Dame lose to an SEC team (not really).
Can't wait to see the gators get waxed by Ohio State (NOT GONNA HAPPEN!).
After all, I'm a praying man who is into charitable donations into my Scottrade account (at least that's how it felt in 2006)!
WARNING...LOTS OF DD, SOME POSTERS NEED NOT APPLY
Just researching our latest property acquisition. Hopefully some of the more negative posters here don't use this as an example of "lack of transparency" by the company. We've heard it. Please get over it. I don't like it either but at least I think this recent Townhome/Marina purchase seems to be a good one.
Generic Info on the Madisonville, LA Housing Market
http://realestate.yahoo.com/Louisiana/Madisonville
Madisonville, LA Real Estate Market Snapshot: updated Wednesday, December 27, 2006
Listing Type Number Median Price
Homes for Sale (MLS) 128 $329,000
New Homes 2 $359,900
Real Estate Classifieds 195 $322,800
Info on Local Comps…
183 White Heron Drive, Madisonville, LA 70447 $169,900
Listing provided courtesy of Keller Williams,Red Stick Part
Beds: 2 | Bath: 2 /1 | Sq Ft: 1,653
Price Per Square Foot: $103
Active Date: Nov 17, 2006
Property Information: Great New Construction- Townhome Community
65 Rue De Sud No, Madisonville, LA 70447 $268,350
Listing provided courtesy of Intervest Of La., Inc.
Beds: 4 | Bath: 4 | Sq Ft: 1,789
Price Per Square Foot: $150
Active Date: Nov 08, 2006
Property Information: This Townhome Is In Mint Condition! New Wiring And Plumbing. Ceramic Tile
127 E. Hwy 22 Hy N 4, Madisonville, LA 70447 $399,000
Listing provided courtesy of Keller Williams Realty Service
Beds: 2 | Bath: 2 /2 | Sq Ft: n/a
Price Per Square Foot: n/a
Active Date: Oct 26, 2006
Property Information: Located in Tchefuncte Townhomes
127 E. Hwy 22 Hy W15, Madisonville, LA 70447 $339,000
Listing provided courtesy of Keller Williams Realty Service
Beds: 2 | Bath: 3 /2.5 | Sq Ft: 1626
Price Per Square Foot: $208
Active Date: Oct 26, 2006
Property Information: Located in Tchefuncte Townhomes, completely remodeled in with covered 32 LF private boat slip.
http://www.lacdb.com/jsp/listings/listing_overview.jsp?listingID=894557
Those last 2 comps are in the Townhome complex that PBLS bought, and the website listing on the second one even provides pictures. Overall, comps seem to point to close proximity to the Tchefuncte River making for higher than average Real Estate as some of the historic cottages there go for excess of $1 million. Also, overall there is literally TONS of new construction and amenitized master planned communities going into that area, which is a great sign for an emerging or re-emerging real estate market. Most new construction is between $300K and $800K with cost per square foot averaging $175 after removing historic/waterfront properties.
Info on Harbour Townhomes, Rental stand point from 2002-2004…
“I rented from Tchefuncte Harbour Townhomes for roughly 1.5 years, and really enjoyed my stay. My 2 BR/2 BA town home came with a boat slip, dock, and access to the river. Fishing from the dock was always very good. The town homes are somewhat old, but seem to be in good condition for the most part. It's also a gated community, so the added security is a plus. Other pluses are the existence of a whirlpool tub, and a swimming pool on the premises. Also, at the end of my lease, I was allowed to continue on a month-to-month basis for an extra charge. A 30-day notice to vacate was required.”
It seems that THT was primarily a townhouse apartment complex that up until Katrina got great reviews from the renters there though it was a bit older. Then the property was heavily damaged by Katrina and the HOA drug its feet on making repairs. The best I can tell is that the property probably became sub-par to live in and became devalued, and so was probably bought by PBLS for a potential condo conversion. IMO it is a wise purchase given Madisonville, LA current Real Estate market conditions. I can’t be certain if the purchased all 81 units, but if they did, they paid approx. $135,000 a unit. If they spend an average of $100,000 a unit in remodeling the property, gate, marina etc, they could potentially increase the overall value of the property and sell units for an average net sales price of $350,000 per unit at today’s prices. That would be an approx. $115,000 potential pre-tax profit per unit or $9.3 million total pre-tax profit. Of course since PBLS owns Heaslip, 3-D and TCB, they could probably do the remodel at cost, or 50% less than full retail. If it was my project, I would probably do just a cosmetic remodel of $10,000 to $20,000 per unit, do a quick flip to maximize ROI, and free my cash up for another purchase. That's how the big boys do condo conversions, unless you are an ego-flake like Trump.
I will call a local realtor as soon as I can to verify as much of this as I can. As I am a Go-Zone investor (which is something you guys should all check out- largest real estate tax break in our country's history), I can use that angle to get more specific questions answered.
Ren
I'll take it, I'll take anything...but mostly that weekly MA(50) is close to be being at least at break even again for me...:)
I can't wait til we consistently close above the weekly MA(50) and at least re-establish that old pattern. Then, dare I say that this thing gets "predictable" again? Good to see all that accumulation anyways.
There has to be a PR brewing somewhere...too much good stuff going on behind the scenes IMO.
Ren
"Dow erases triple-digit gains after latest FOMC minutes." CNBC
Looks like there is inflation concerns again and the worry is the Fed is going to raise rates.
Shiz...any walls to break through around here at this pps? What are we looking for as I see we are at .013? Is the big thing today to close above the .012 mark?
BTW want to put life in perspective...I just avoided a 3 semi jacknife in the rain with 2 other cars on the Interstate in the rain doing about 65 mph. It was like that scene in Matrix Reloaded on the freeway...but thankfully no one was hurt (and selfishly, thankfully not me :).
Ren
Cutting-
I agree with everything you say. It's been completely frustrating as I also bought in believing that the financials would be wrapped up at the end of 2Q2006. Like all good red-blooded Americans, I wanted to buy a ton of shares, hold them for a couple of months and make a ton. Boy has that not been my experience!
BUT then I remembered from my own business that EVERYTHING is a "moving target." Surely I have had some clients who think that I am a complete crook. But I'm not. For example, my partners and I once calculated that sales, engineering, infrastructure construction etc on a project would happen much faster than it did. And then because we WERE on the up and up, we had to comply with Interstate Commerce paperwork from the Fed and it almost cost us 50% of our business on one project alone because it held things up for another year and was running in excess of $300K in legal fees. We worked things out with a lot of "song and dance" along the way...but 18 months later than we expected and with a much different model than originally intended. All this makes it easier for me to give these boys a little grace when I start to go postal about the current scenario...
I haven't been in PBLS as long as you, so forgive me for trying to "tell you how things are." It's just that I've turned over enough rocks to believe that this company is "young" but legit (as you probably have as well). That means it has quite a few skeletons to deal with, has a couple of CEO's/COO's who lack experience in running a public company, and sadly are a bit inept sometimes at estimating their own time horizons. Don't string them up yet. If you need to sell, then unload. But look at it this way, their bumbling has gotten you to the 15% long term status so IF they do pull this off and go audited and get off the pinks, you have to pay less to Uncle Sam, who often is the biggest problem with any business, including making audited financials so stinking complicated!
Don't quit Bob. What do you have to lose now other than the Opportunity Cost of having your money tied up? That's a better loss IMO than selling in the duldrums before the "wind picks up"...
Ren
Chilar is right. According to Ron B months ago (and posted by NC Rookie I believe), Dickinson Wright were replaced by Tom Schaefer b/c they were too expensive and too far removed from LA. At the time, I didn't understand that what he probably ment was too far removed from the ongoing Murphy Pit Lawsuit.
It is still reassuring that Dickinson Wright felt comfortable being their attorney even for a time. DW has a great reputation, especially on Wall Street (just look at some of their other clients).
And to you Shelby.
Okay, I give...what does Madison Realty Capital have to do with anything? Did they just finance some RE purchase for PBLS?
Absolutely, absolutely agree.
But if we had all the numbers and likewise none of the risk we wouldn't be able to buy at "value" prices. We'd be in a Vanguard Index Fund or something boring like that really, really hoping we can make 15% a year and retire in some nice Central Florida "golf for life" community (which is usually about 2.41428 minutes after you move in and get bored to death)!
Night guys.
I think we all must admit that their modus operandi is MUCH different now then it was in 07/2005 before Katrina. I don't lend much weight to the older PR's now in trying to determine how they do business.
However, I already stand corrected by Castle on the use of restricted for acquisitions. Though it would seem that the new standard since mid-2006 is to limit the usage of restricted for acquisitions and utilize more preferred (Not that I believe that's the best way to structure a deal, but what do I really know).
My only point to Seeclear is that in our frustrations for being 'down and in the dark,' many have resorted to unfounded conspiracy theories of secret financing and back alley deals. Have they happened? I am sure they have at some desperate points. Are they the status quo for how PBLS does business? IMO, no. That's why I park my money here. In fact, this kind of negativity on a real company is a buy signal for me.
'Tis true, 'tis true, Castle and good correction. But based upon our current O/S (hopefully still around 815 million) IMO these restricted releases that can't enter the float for 5 years are great leverages of company buying power. As long as O/S doesn't grow faster in ratio to profitability.
It's always been the Preferred that scare me long term, as IMO, over the course of 2006, they have moved away from using restricted and towards using preferred (probably b/c their common share pps has tanked somewhat).
SO much to take on faith now! Thankfully I have learned not to buy more than I can afford, but just enough to keep it all fun and hopeful of better pps' in the future! Plus PBLS is one of a few I hope for good results from.
Man would I love to pay a house off for my wife's sake and build in orphanage in India with the leftover's of a .50+ pps!
We will see what happens.
SC - "why in heck DID they need those extra shares especially when we were in a buyback status"
In order to raise the A/S of preferred shares they had to raise the A/S of their common shares. It was written in their corporate by-laws as such. But again, unlike some, I do not believe that just because a penny has A/S doesn't mean they use ALL of the A/S.