iBrands Corp. (IBRC)

[DaddyR]

I read the two articles posted below by another poster, but I'm still not fully understanding why the ceo would cancel 90% of his own shares, rather than buyback shares from the market, and then retire them....

I get that it's good for a company to retire shares, especially a penny stock that has waaaay too many shares out there to begin with... but if the CEO is canceling 90% of the shares of his own managements ownership, wouldnt that mean he is no longer the controlling interest in ibrands? He said the other group owns 5 billion, and his group owned 5 billion, but now he is canceling 90% of his 5 billion, so wouldnt that put the other group in control?

Anyone who can help me understand here, would be much appreciated. I have never been part of a company who performed a retirement, so just hoping to learn some new info here.