Savvy Trades and Investments

[larrybaz]

MINDP - This is interesting from the 10-K:

Further, if the Company does not pay dividends on its Series A Preferred Stock for six or more quarters, the holders of Series A Preferred Stock will have the right to appoint two directors to the Company’s board.

I thought it was kind of a slimy deal by management to defer five preferred dividends and then declare one, thus avoiding the appointment of two directors by the preferred holders. And now the CEO says this in the latest earnings report:

Despite the expected improvement in our financial results, we do not believe that current operations can simultaneously fund the capital requirements of the ongoing business, as well as ongoing or accumulated dividends related to our preferred stock. While no firm decisions have been made, we currently believe it unlikely that we will declare dividends on our preferred stock for the foreseeable future," concluded Capps

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Hopefully the preferred holders will be made whole at some point, but I wouldn't count on it. These guys haven't turned an annual profit since 2014!