Phoenix Associates Land Syndicate (fka PBLSQ)

[El Cornholio]

I think your interpretation is clearly wrong.

The designation says "[c]ommon stock will be convertible into Series II preferred stock."

On the other hand, the Series III description only authorizes that "Series III preferred voting stock will be available for conversion . . ." It is the Series III that will be converted. It then goes on to state that it is only available to those described as not having any stock. How would they then convert commons into Series III?

If PBLS' position is that commons can be converted into Series III, then I think their designation does not clearly authorize that.