kingfisher,Gaylen Brotherson's Credibility
Until MBAH Rescinds the Restructuring of Capital Structure
Gaylen Brotherson's Credibility will always be questionable.
MBAH Fact Sheet
1.Converted 460,000 shares of the Company's Class A Preferred shares into 46,000,000 common shares.
2.Accepted the offer of Cactus Family Investments, LLC to return of the remaining Class A Preferred shares to the Corporation as a contribution of capital by Cactus. The Board directed that the Class A Preferred shares received should be cancelled. This action eliminated the balance of the Class A Convertible Preferred shares that would have been convertible into 156,000,000 common shares. Cactus Family Investments, LLC is controlled by Gaylen and Judy Brotherson, the CEO and Vice President & Secretary of the Company.
3.Authorized the creation of a Class B Preferred Stock of 3,000,000 shares. Each such Preferred Stock share shall be assigned the voting power of one hundred (100) voting shares for each Preferred Stock share. The Class B Preferred shares are not be convertible into common shares.
4.Offered to accept 2,000,000 shares of the Class B Preferred Stock in return for $317,382.50 of past due rent payments that are due to Cactus. The Board of Directors approved the acceptance of this exchange. This action improved the Company's working capital position by replacing approximately $317,000 of current liabilities with equity.
5.In a related action, Board of Directors has approved the filing of an amendment to the Company's Articles of Incorporation to provide fewer Common Stock shares to be used for future acquisitions by the Company. The amendment provides that the total authorized Common Stock shares will be reduced from the current authorized level of 800,000,000 to 350,000,000. The Company does not believe that more than 175,000,000 new shares may be needed to purchase the number and size of companies it wishes to acquire.
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