Intellipharmaceutics International Inc. (IPCI)

[WeeZuhl]

This should surprise nobody.

The only people who benefit are the Odidi's who now get to convert the stock at 1.7 million NEW shares or roughly 9% of the outstanding new shares?

How is this fair to shareholders? His debenture should still be subject the same reverse split as everyone else.

As I said at the time, if they would have converted this loan to shares last year, it would have substantially improved the shareholder equity and required less capital to be raised, not to mention the effect on market confidence. They didn't do it then for this reason, and they will not do now, for the same reason.


As you rightly point out, his loan is immune to degradation by dilution and reverse splits, and as wimuskey has rightly pointed out, his loan keeps him at the front of the line for company assets in BK. So don't look for that loan to get converted to shares anytime soon.