LaLife - such a sweet deal, but not for shareholders
Supposedly returned 1 billion shares to treasury, but had to offer a massive discount upon conversion of the preferred shares just to get the insider lenders to agree to it. The 65% conversion ratio is not good for common shareholders, who may see massive dilution with that so-called debt for shares deal.
The deal also destroyed much of the shareholder value for common stock holders, and each of the new class of preferred have 500 votes/share voting power....virtually guaranteeing common shareholders have no voting power whatsoever.
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