On4 Communications Inc (ONCI)

[Euripides90]

Another reason 4-Exchange?Preferred Shares=WAY AHEAD-of-commons in-case-of-BK/liquidation:Commons usually get nothing.

By exchanging commons for Series A Preferred (in this convoluted way) as the owner of the preferred shares in exchange for the 1.4bbn shares, he just move himself ahead of the common shareholders in the event of liquidation, if there are ever any assets.

I've been stuck in a couple of those before, that's how it works in BK court.

This whole exchange business was "unanimously approved" by the Board, Berman and these 2 guys: the two Directors are: Michael Wach and Richard Lefkowitz. What Preferred shares do they get, presumably they are also cut in somehow... in exchange for what?
People are grousing their names are not printed, and I don't see mention of them in the filed document, just Berman's shares - ?

This is a sincere question, not trying to take anyone down -- I've been in and out of this stock since it was in the trips over a year ago, am amazed it went so high and details of which co's, rev's, etc. still so vague? I get the reason to shield them from certain "investors" but this is also just too vague for comfort.
Hopefully with the name change this will all be clearly sorted out. If nothing else we should see a technical bounce from whence it fell from on high -- but looking @the common sentiment of skepticism it may not last long without evidence... GL.