Dcman and oil..I was rrunning out the door to get my hircut, I will continue from my last post..
The foregoing excludes (I) 850,081,168 shares of Common Stock issuable upon exercise of a Series A Warrant held by Cranshire Capital (the “Cranshire Series A Warrant”) because the Cranshire Series A Warrant contains a blocker provision under which the holder thereof does not have the right to exercise the Cranshire Series A Warrant to the extent (but only to the extent) that
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such exercise would result in beneficial ownership by the holder thereof or any of its affiliates, of more than 1.0% of the Common Stock,
If you notice from above...The lender group can sell each of their their 10 million shares.. A total of 40 million which is 1 percent of the 1 billion at the time in 2011..Now the outstanding is at 4.5 billion (not 450 billion) which i noticed as an error in my last post...At 4.5 billion shares outstanding, the 4 lenders in the Cranshire group can own up to 45 million shares a piece. Because of the blocker provision..Gold is wrong about the warrants..In the next highlighter portion of the SEC filing, the 4 Cranshire Group lenders can convert 850 Million shares..It says that the lenders CAN convert the warrants into shares..Here is the key words....a blocker provision
to the extent (but only to the extent) that
This is stating that the 850 million shares of the warrant CAN BE CONVERTED, ONLY TO THE EXTENT it does not go over the 1 percent threshold...After the lenders sold their 10 million (40 million) to the public, the Cranshire Capital affiliate can convert the 850 million shares from the warrants.. One of the reasons it has taken so long is that, the lenders had to wait for Radient to add more shares to the float..For an example..When the outstanding was at 2 billion shares,I would assume that all four affiliated lenders dumped their 10 million, 40 million shares respectively.That left one of them to be able to convert the warrants into shares ..The 850 million..At 2 billion outstanding, the lender can convert no more than 1 percent, that being 20 million at a time. Once they converted at .0001 the public and creeping takeover group can purchase those shares at .0001 or .0002. The lenders can convert at .00005 or .0001 and .0002 respectivey..That is why I and others as well as the creeping takeover group are able to purchase shares at .0001 .0002 respectively. It appears that the lenders have already converted their 850 million shares..Who owns them? The creeping takeover group own the majority with some retailers..THis is just from one group of lenders. The other members can convert the rest of the shares..Two lenders can own and/or convert up to 9.99 percent of the outstand..
b]The foregoing excludes (I) 850,081,168 shares of Common Stock issuable upon exercise of a Series A Warrant held by Cranshire Capital (the “Cranshire Series A Warrant”) because the Cranshire Series A Warrant contains a blocker provision under which the holder thereof does not have the right to exercise the Cranshire Series A Warrant to the extent (but only to the extent) that
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such exercise would result in beneficial ownership by the holder thereof or any of its affiliates, of more than 1.0% of the Common Stock,
(II) 150,014,323 shares of Common Stock issuable upon exercise of a Series A Warrant held by the Managed Account (the “Managed Account Series A Warrant”) because the Managed Account Series A Warrant contains a blocker provision under which the holder thereof does not have the right to exercise the Managed Account Series A Warrant to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof or any of its affiliates, of more than 1.0% of the Common Stock, (III) 230,935,480 shares of Common Stock issuable upon conversion of the Cranshire Capital Note because the Cranshire Capital Note contains a blocker provision under which the holder thereof does not have the right to convert the Cranshire Capital Note to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof or any of its affiliates, of more than 1.0% of the Common Stock,
AI
