Jam-
Keep in mind that the "convertible preferreds" were for PBLS, LLC. Still don't understand the relationship between PBLS, LLC and Phoenix except that inmy business we create LLC's for each development project in my business to of course limit liability to our parent corporation. Of course, my LLC's aren't formed in Nevada and can't sell stock, whether preferred of common (yet). This is the court docs on St Tammany Clerk of Court.
1591414 – Tchefuncte Harbour – Mortgage – 11/22/2006 – Madison Realty Capital did the financing for the deal., PBLS borrowed $6,500,000 to buy out the rest of Harbour Townhomes.
1591412 – They bought the entire complex for $11,000,000, with $3.4 million paid up front. First Option: Gives Harbour Townhomes LLC the option to purchase up to 400,000 preferred shares for $10 per share for a total of $4,000,000. HT has the right to sell any and all of these shares back to PBLS for $10 a share after 5 years. OR Second Option: Can convert up to 15% of the 400,000 shares per year to common stock after 1 year from November 22, 2006 for the price of common shares of PBLS and in no extent can the option be exercised if the price is less than $.03.
1591421 – PBLS assigns the leases and rents for Harbour Townhomes to Madison Realty Capital as security for the $6,500,000 loan.
Ren
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
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