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Here is crux of the situation:

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Chronic The Hemp Hog   Monday, 06/18/18 12:10:39 PM
Re: None
Post # of 106 
Here is crux of the situation:
From the Schedule 13/D filed on 5/11/2018:

Quote:
"The Reporting Persons acquired the Shares reported herein for investment purposes, and plan to enforce their rights under the terms of the Shares as set forth in the Articles Supplementary of the Issuer, dated September 16, 2016 (the “Articles Supplementary”), including the Mandatory Redemption for Asset Coverage provision in the Articles Supplementary (the “Asset Coverage Provision”). On May 18, 2018, legal counsel for the Reporting Persons notified the Issuer that the Reporting Persons believe that the Issuer had failed to maintain the asset coverage required by the Asset Coverage Provision."

The Reporting Persons have notified the Issuer that they believe the Issuer is required to cure its failure to maintain the required asset coverage by the close of business on June 8, 2018. In addition, the Reporting Persons notified the Issuer that they believe that the Certificate of Correction to the Asset Coverage Provision (the “Certificate of Correction”) filed by the Issuer on May 3, 2018, with the Maryland State Department of Assessments and Taxation is invalid.

The Reporting Persons believe that the Certificate of Corrections was filed to circumvent the Issuer’s obligations under the Asset Coverage Provision, including the requirement to mandatorily redeemed certain preferred shares, including Shares, and that such changes violate the amendment provisions of the Articles Supplementary and Maryland law."



So I guess the question is does Wheeler have the right to change the rules (Certificate of Correction of Articles Supplementary)?

The original wording from Articles Supplementary is as follows:

(a) If the Corporation fails to maintain asset coverage of at least 200% calculated by determining the percentage value of (1) the Corporation's total assets plus accumulated depreciation minus the Corporation's total liabilities and indebtedness as reported in the Corporation's financial statements prepared in accordance....

Was change to the following wording:

(a) If the Corporation fails to maintain asset coverage of at least 200% calculated by determining the percentage value of (1) the Corporation's total assets plus accumulated depreciation and accumulated amortization minus the Corporation's total liabilities and indebtedness as reported in the Corporation's financial statements prepared in accordance....

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