Questions to those who have received a Series C certificate:
Is there a new redemption/conversion date? The date announced in the 2/28/14 PR was 9/17/14 however that was for the original record date of 3/14/14. No revised redemption date has been publicly announced.
Being that Peter changed the record date after it had passed and never issued a corrective PR, isn't it likely he also changed the redemption date without announcing it? Could he have pushed it into 2015?
Did the company provide any instructions regarding the process to redeem the C shares in cash or convert them to the equivalent of $.20 in common shares? Has the company explained that under Rule 144 new shares must be restricted for 12 months?
Clearly PVEC is not going to have $4 million in cash to redeem the "gifted" 20 million C shares with a face value of $.20. At the current share price of $.0001, the C shares would be convertible into 20 billion new commons shares!
If Peter does a 1 for 2000 reverse split, the share price would momentarily rise to $.20 but would likely start to fall back immediately. However a higher share price would allow him to issue far fewer conversion shares, assuming he actually intends to honor the certificates.
Because Peter Villiotis considers the Series C shares to be a "gift" for which the recipients didn't pay, he may feel no obligation to honor the certificates. Indeed the certificates PVEC is distributing have multiple defects as previously described.
In the end, it has always been my belief that the $4 million Series C "gift distribution," which was changed after being announced, was always a scheme to drive demand for the stock to absorb additional dilution shares. I do not believe it was offered in good faith and I don't believe that recipients of Series C certificates will ever find that they can be redeemed for cash or converted to free-trading common shares.
I believe the $4 million Series C "gift distribution" is all part of the PVEC (fka VDSC) scam run by Peter Villiotis.
