Everyone should read the filing that Pipeliner sent for the information required of a D filing. I am sure many of you can read for yourselves if you understand a required filing and put the other information together. Here is my read.
The filing says the offering is $30,333,017. According to the press release the remaining $15 million has not been allocated.
The filing does not list 12 BOD. Look at the box checked for each related person in section 3. Notice the names of two directors from Riverwood mentioned in the press release.
The filing says in section 13 of the Offering that "$1,333,017.30 represents the issuance of securities in exchange for already outstanding securities" I interpret this disclosure that there was already existing preferred stock. A likely possiblilty is Riverwood wanted the only preferred share class exclusively and 'took out' some existing preferred shares of the company.
The filing says in section 16 as Use of Proceeds an additional disclosure: "Amount above reflects payment of accrued dividends on outstanding series of preferred securities that were converted or exchanged in connection with the offering and includes such dividends paid to partnerships in which a Related Person is a partner." The amount is $1,478,374.
Section 16 disclosure likely means that the preferred shares 'taken out' by Riverwood was for the preferred shares along with cumulative dividends to be paid. Apparently a partnership entity of a Related Person owned the shares.
Section 8 of the Duration of the Offering would normally be checked as more than one year. Unless this offering had a maturity of less than a year.
Given the information given on the required filing is just that, a required filing disclosure. If one has never read or filed a D filing or understands what the information means, they should refrain from soliciting responses on the board that are "strange"??
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