New poster to this board. Been a lurker for a year though.
Was heavily censored on another ONCI board because my facts didn't fit with their narrative. In fact they encouraged me to post on this board.
I use SB's own filings, disclosures, shareholder letters, and tweets as my facts.
Now let's carefully look at the shareholder reduction that SB so kindly provided on Twitter on July 3.
First thing that stands out is that he said he is EXCHANGING 1.4 billion common shares for 56,000 Class A Preferred shares. Wait a minute, where did SB say in any of his tweets, financials or shareholder letters that he was exchanging common shares for preferred shares. He repeated that he was only surrendering common shares.
Now guess who owns the Series A preferred shares? None other than Steve Barman. In fact he owns 30 million Series A preferred shares. One could look as late as the 4/30/18 financials that show SB owning those shares (page 2). Oddly he stated that he was going to surrender the preferred shares as well but he just issued himself 56,000 more shares? Why?
What do preferred shares entitle one to? A 10% preferential annual dividend, 200 votes per preferred shares, and the right to convert each one Series A preferred share to 200 common shares (page 13). Preferred shares also entitle the holder to step in front of common shareholders in case of bankruptcy and receive any assets first.
Second thing to notice on SB's twitter disclosure paperwork are the directors. You have two signatures of people with no names printed underneath them. Why is this a big deal you might ask?
As of 4/30/18, Berman and Alan Bailey, the CFO are the only two listed directors of On4 Communications. We don't see Bailey's signature or name as one of those directors. Why? So who are these two 'new" directors?
If you have checked LinkedIn recently Bailey has removed his reference to On4 Communication from his work history. Coincidence? We will have to wait until the 7/30/18 filing in mid September to find out.
I think Steve Berman has more questions to answer. If others can disprove the facts that SB himself presented then have at it. The problem will be is if you disprove it then you are saying that Mr. Berman didn't tell the truth with what he reported to you. Catch 22 anyone?
I'm not looking for cheap shares like others will claim. I already own shares but I'm tired of the bait and switch tactics, forgotten promises, time cycles consistently pushed out every three months. I'm looking for the truth. I've got plenty of topics to discuss. Some that haven't really been discussed on this board.
