Medient Studios Inc. (fka MDNT)

[Sooah]

No, he does not forfeit his shares, those are his. The issue with Shapiro improperly getting 40MM Preferred is that it removes voting control from Manu. Manu argued that 40MM were given to Shapiro for free and without additional consideration but that is really not a legal argument. The proper legal argument is that the designation for Series A Convertibles does not grant any other party to issue additional shares beyond the 10MM shares. This control belongs to Manu. Any changes to the initially filed designation also requires Manu's permission. His attorneys should have looked into the designation first and added this provision too because the legal argument would seal it.