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Pop, Please read Item 4 on page 9 of the 13D. YA may can vote 2.5 billion shares from the series D. They just CANNOT vote them "on an as converted basis" at .01 par with holders of the company's common stock. LOS [Votes are counted not weighed. YA's common shares they are entitled to on an as converted basis are out weighing ours by 10 times. It won't work.]
lemon, I don't know, but I've learned one thing here. I don't care how promising a company's product is, if they don't have their financial house in order, they've got big problems. LOS
Pop, these are not preferred voting shares. They are convertable shares being voted on an "as converted" basis.
YA, if you wish to vote 2.5 billion shares at the meeting then purchase another $22,500,000.00 worth of series D and you can.
canuck, A shareholder who resides in Delaware could do a lot of good by contacting Stanley Yackowski Securities Supervisor Delaware Department of Justice. stanley.yackowski@state.del.us
YA paid to Neomedia $100.00 each for 25000 shares of series D stock for a total of 2.5 million dollars. That buys YA Beneficial ownership in a maximum of 250,000,000 shares of common stock at par value .01 per share. Until par is reduced YA simply does not own beneficial ownership in 2.5 billion shares. Neomedia can't sell or issue at .001 until par is reduced to .001. I think YA and Neomedia screwed up! [When they said each share of series D would convert to 100,000 shares or votes at par .01 they are wrong. That would be claiming beneficial ownership based on par of .001 before the vote. I believe they simply screwed up.
Without 2.5 billion votes, no change in control either!
Unless the results of the vote can be placed ahead of the vote, YA CANNOT LEGALLY vote 2.5 billion votes. This applies to all 3 votes. Somebody show me where I'm wrong about these last 2 posts.
Everyone should vote on these matters as you see fit. FOR or AGAINST, Because YA's as converted right to vote 2,500,000,000 votes from 25,000 series D shares could be challenged and I believe the challenge would be up held. I believe that YA is entitled to only 250,000,000 votes if series D are converted at par of .01 prior to the reduction of par to .001 which only takes effect after the vote. If their as converted votes are based on the closing PPS on the day before the series D were issued then YA could only vote 238,095,238 votes from the series D shares. If as converted can only be based on par .01 until par is effectively reduced then YA would have to buy $25,000,000.00 worth of series D to translate into 2.5 billion votes. YA is getting 10 votes for each vote they are legally entitled to. That won't stand. LOS [Prior to the vote YA simply cannot vote based on a conversion rate below par of .01 or shares that they couldn't convert to until the par is reduced to .001 which is what the vote is for in the first place.] YA can't legally vote 2.5 billion shares at that meeting!
treedoc, It's only significant if it is the minimum price your buddies at YA can get it for to then dump it on the public. If it is so damned insignificant why are they screwing with it? I thought a penny was nominal enough. Does this man, ever stop and think about what he is really saying? Would it have been "significant" today with the PPS at .0064? LOS
Pop, I believe IM and MZ know exactly what's going on here. Wouldn't be the first blind eye turned for the smell of money! LOS
jonsie, The change in control language in the stock options exercise clauses and used here tells me that this has been part of the plan from the beginning, at least as long as IM has been involved. LOS
If YA could only vote based on the $2.5 mil actually paid for the series D at a conversion rate based on the closing price the day before issue of series D it would yield only about 240,000,000 votes from the series D. [ Rule 5640] but that rule may not apply to OTC, I don't know. LOS [It would sure put a wad in the old fruit of the looms for YA if it did though, wouldn't it]LOS
Thanks aztree. LOS
Sandeep, You're welcome to add my name to your letter. LOS
clawmann, This question is about the series D conversion rates. Would the nasdaq rule 5640, IM 5640 cited in the Alanco non compliance letter reported a few hours ago have any effect here in this YA/Neomedia vote since this is not nasdaq? I can't post links but you can google Alanco and look down the page to "news results for alanco technologies" it seems their series E conversion was limited to a "lesser of......" LOS [What was the closing price of Neom Jan 4th? Was it over a penny?] It could change everything if that rule applied here.
TP, MMs are a little like buzzards. Always circling hoping for a dead mule but won't pass up a dead field mouse. LOS
Banks, Yes they are, but is it to screw us or make us rich? That's the $64000.00 question. The proxy statement and details of the shareholders meeting may answer it for us. Good grief, can you imagine what this stock would likely do if a PR was released saying that in the best interest of the company, it had been determined not to go forward with the terms of the recent 8K at this time. [I Dream!]LOS
goph, That's a very good possibility. LOS [P.S. It would make Scanbuy's seemingly capitulation back in the lawsuit settlement make a little more sense wouldn't it. It seems very little money changed hands in the settlement???]
les, Which will come first, these great announcements or the shareholders meeting? I'm beginning to see a truth in Zack's riddle "we're in a race with time". LOL LOS
Thanks.
canuck, Yes, I have also wanted to know the canadian entity in the Cobalis suit. All the names I mentioned from Argo now seem to have Canadian connections. May be nothing, but worth keeping an eye on. LOS
TP, Interesting post and Thank You. LOS
TP, I plead guilty, but I threw my blinders away when I read the 8K. LOS
vero, Yes, or saved to use to maintain control of PPS during the lockup period? LOS
lucky, I believe most were enammured with the great potential on the tech side of this and overlooked the possible damage to our investments YA could do. LOS
You might want to check back and review Polaris' posts and recall what his corporate attorney friend's first impression of the 8K was. LOS
vero, I don't know where all this is headed, but keep up with these people who were with Argo at the time [Sept 14th] of the 77 mil transaction at .002. Christopher Legg, Formerly with Credit Suiesse; Charles Sirois; Gina Piccolo; and H.H. Haight. We may see some of these or all of these names again before this is all over. LOS
vero, If YA was involved in those 77 mil shares, maybe they had another purpose in mind for them. The average cost of those and the 45 mil bought on Dec 1st is approx. .0057. ???? [Depress the market value]???? Gets the stone from the shoe cheaply doesn't it. LOS [So far what is the low 125 day lookback price likely to be? .0058. Interesting isn't it. LOS
Midlife, I would have thought one of the "Bright Thinkers" would have grabbed them up. LOS
phoenix, If I thought Neomedia was worthless, I wouldn't complain. I just have concerns about who will share in the worth of this company. LOS
krays, It sort of goes back to my candy bar analogy. YA wants a bigger portion leaving us with a smaller portion. With this companies complicity, at the shareholder's meeting votes, they will accomplish exactly that. LOS [ A Post Script for IAIN McCREADY, Thanks IAIN for standing up for the real investors in this company,] [My apologies to the board, I'm just a little upset about all of this.]
Thanks krays, Here's what I do know. If I sell before this plays out, R/S etc, I will lose most of what I've invested in Neomedia for sure. If I wait and one or some of the positive aspects mentioned regarding the R/S and market reactions occur, I could see some recovery or "maybe" even some profit, not the pipe dream amount I had hoped for going into this, but a profit none the less. With the small amount [value] left in my Neomedia account, it should be a no brainer for me. Thanks, LOS
Thanks to my PM. I don't have PM. I am a very smallfry without the means to invest more right now. Does this change your advice? I respect your advice and it will weigh very much with my decisions. LOS
Neil, I don't. Use the filter in your brain. If we turn into a bunch of book burners, it would eventually destroy the board. Nothing is required reading, just to keep the discussion as civil as possible. Respectfully, LOS
krays, The sidelines are looking better and better to me right now, until after R/S. Am I foolish to wait and hope for something over 1 penny to sell? LOS
Cuervoz, Another example of just how incompetent this [Neom's] management really is.
YA has been over 3 years preparing and stirring this bowl of gravy,[Neom stock]. The shareholders vote will be the setting of the table. Then comes the "lapping up" phase. LOS [P.S. I haven't found a place at the table with my name on it yet.]
frac, YA and Neomedia appear to be cleaning up for some anticipated "extreme scrutiny". I wonder why? LOS