Well thats obviously one businessman who doesn't know the SEC rules and doubt he ever had the reporting and control responsibility of a public company. Seems to me that this was the companies intent all along. Insiders and Affiliated control the unconverted preferred stock. The rule is real simple, as Cheeky pointed out, except he forgot one additional rule. At the time the conversion happens, those shares are first restricted for 6 months BEFORE they can be sold pursuant to Rule 144, and then no more than 1% of the outstanding float every 3 months.
I am surprised that he omits this RULE considering he is very detailed with his targeted DD. Alas, the whole story is now clear and prevails over innuendo and misdirection.
And where is all the panic dumping today, or can it be EL GUAPO that people have done their DD and are now holding?
