Tuesday, May 13, 2014 7:47:09 PM
But how are they going to reduce the A/S when the terms of the convertible preferreds say
" (d) The Corporation covenants that it will at all times instruct its Transfer Agent to reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of Series C Preferred Stock as herein provided, free from preemptive rights or any other actual contingent purchase rights of persons other than the holders of Series C Preferred Stock, such number of shares of Common Stock as shall be issuable (taking into account the adjustments and restrictions of this Section IV hereof) upon the conversion of all outstanding shares of Series C Preferred Stock. The Corporation covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid and nonassessable."
http://www.sec.gov/Archives/edgar/data/1486526/000135448814002399/froz_ex41.htm
All of the designation statements say the very same thing...
http://www.sec.gov/Archives/edgar/data/1486526/000135448813003911/froz_ex41.htm
http://www.sec.gov/Archives/edgar/data/1486526/000135448813003911/froz_ex42.htm
http://www.sec.gov/Archives/edgar/data/1486526/000135448814002399/froz_ex42.htm
they have authorized and issued 19,738,646 Class C Preferred Shares and 22,155,729 Class E shares.... all convertible at 500 for 1
+ Shyster Schissler has 500,000 Series B ...also convertible at 500 for 1
42,394,375 x 500 = 21,197,187,500 common shares...
Hhmmm.... HOW are they even in compliance with the terms that state they need to keep common shares available for possible conversion???
As with so many things in life, I will continue to appear wrong until I am shown to be correct.
:)
FEATURED ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM