Monday, August 01, 2022 7:10:49 PM
Glade to see i was missed. Been trying to understand milk dud play here.
I think his play was to get voting control of the company . Still working on this end around Play of common stock holders (us).
Here are the mistakes milk dud made.
1) These shares were just created of the 27 of July. New shares issued need a vote of shareholders to approve, so these shares are illegal. There was no vote. Also they issued shares before Delaware approved . We are sending a letter to Delaware bringing this the there attention.
2) The PreC shares are issued with a par value of .001 It states they forgave part of there compensation for these share. We are checking the legality of that .It seems like they are getting 35,000 in stock. SEC requires to be paid in full forgiveness may not be payment. We are sending a letter to IRS for a ruling. We be leave they should have converted back salary to shares and may have a IRS problem.
3) Preferred shares do not have voting rights, they are trying to get super voting rights on these shares.
Still researching and will be back in a few days. My counsel thinks they cant vote them and should be revoked. I am thinking milkdud used the law firm of Hugh,Cheetem &How
.Item 5.03 Amendments to Articles of Incorporation or Bylaws
Pursuant to Board of Director minutes dated July 27, 2022, the Company filed a Certificate of Designation with the State of Delaware authorizing the creation of 750,000 Series C Preferred Stock with the following terms and rights:A. Designation and Number. A series of the preferred stock, designation the “Series C Preferred Stock,” $0.001 par value, is hereby established. The number of shares of the Series C Preferred Stock shall be Seven Hundred Fifty Thousand (750,000). The rights, preferences, privileges, and restrictions granted to and imposed on the Series C Preferred Stock are as set forth below.
B. Dividend Provisions. None
C. Conversion Rights. None
D. Preemptive Rights. None
E Voting Rights. Each share of Series C Preferred Stock shall entitle the holder thereof to cast 5,000 votes on all matters submitted to a vote of the stockholders of the Corporation.
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