InvestorsHub Logo

rca

Followers 18
Posts 1850
Boards Moderated 0
Alias Born 03/25/2006

rca

Re: madforareason post# 11441

Wednesday, 10/25/2006 11:07:13 AM

Wednesday, October 25, 2006 11:07:13 AM

Post# of 15765
When negotiating the cognovit note, we had to use the figure of 2.55 Bln shares since PT was issuing shares on a daily basis and it was the only way to assure a majority.

The cognovit note could not be filed since we didn't know if Paul Taylor had more than 2.5 billion shares on the market. When he did his reverse split, Marco immediately lodged the cognovit note with the Court.

So the 2.5 billion shares are not affected by the stock split.

Now understand that once control is obtained, Marco doesn't want 2.5 billion shares, that's been clear since the beginning. Most likely most will be surrendered and the 5 bln authorized will be reduced. But for the time being it has to be in excess of the amount authorized or PT is going to pull out some fabricated document claiming he's entitled to blah blah blah.


Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.