Phoenix Associates Land Syndicate (fka PBLSQ)

[tedwitt]

They retreated but not until after some of the most elite panzer units were treated like a read headed step child by an enemy that knew they were coming. It was referred to as the "Swan Song of the German Armor"

I think that there are several scenarios that explain much here and a lot have to do with the end date of the conversion to perferred being so long after the June 15 2007 date and the information we have received as of late.

This is weird but it could be possible that PBLS is shaking their own tree.

FEB 15 2007;


"Phoenix has 250 million authorized preferred shares, $10 par value. The company will be converting 62.5 million of these authorized shares of preferred stock to "voting" preferred stock, $10 par value, so as to have voting preferred shares available for this program. The new voting preferred stock will pay an annual dividend of 6% which will be paid quarterly. Phoenix will redeem the preferred stock within five years from the date of issuance."

and same PR

"In the event 800 million shares of common were tendered to the company under this program, a total of about 4.8 million shares of voting preferred stock would be issued, with a total value of about $48 million. At a 6% annual dividend rate, this would result in the distribution of about $2.88 million in dividends annually, or about $720 thousand per quarter."


At one time we thought this was a typo;

"The company will be converting 62.5 million of these authorized shares of preferred stock to "voting" preferred stock,"

62,500,000 x 167 =10,437,500,000 shares

Why so many perferred shares adjusted to voting preferred stock above the 4,800,000 x 167 = 801,600,000 shares

One possible scenario is that PBLS is shaking its own tree. If it dives to sub then there will be a frenzie to get at them for conversion and PBLS can at the same time "receive" a so-called loan at a 6% interest rate (Now thats a good rate with their banking & legal history).

Also, PBLS will be able to pluck from the open market.

.02 x 100,000,000 sh = $2,000,000
.015 x 100,000,000 sh = $1,500,000
.01 x (well you get the idea)

Volume will not be a problem. They did have $9,000,000 in cash on December 31, 2006, wonder what they have now for a lower buy back if some was sold into the market higher plus the income from ongoing ops.

Remember if a chunk of this new O/S are restricted then hell, think from there.

All just a guess...

PS, did a company just invent a way to do an endrun around their own O/S, can someone answer that. I mean do the preferreds still count as 167 shares a piece when computing the O/S? Or can they end up with 10.4 billion shares locked up in preferreds and have an additional 1.7 billion shares issued considered the O/S?

Or am I just stupid and I need another few shots and smoke another bowl?