BANJO ..... RE SERIES 3
I tend to agree with others who believe that it's possible that the series 3 shares are being used for acquisitions, among other things.
Frankly, I was quite dissapointed with the material posted on pink sheets June 15/07. Overall I found it poorly written and vague. When you have an official document in front of you and you're still not really sure what is says about specific issues, then the document becomes somewhat ineffectual. The only way this can be rectified is for the Company to CLARIFY all of the relavant issues mentioned in said document; therebye removing the speculation we have at this time.
That aside, the language used when addressing the series 3 stock may lead you to some conclusions. On page 8 under Authorized: Series III you will read the following; "Series III preferred stock will be available for conversion to those people who have incurred debt in behalf of the issurer, who we owed money or stock by the issuer or have sold, pledged or otherwise deprived of their own personal stock on behalf of the issurer." Even though the language here is inadequate, you can glean some things from the tone of the text.
The people who would be given series 3 stock would seem to be those whom the Company owes a debt. Technically that eliminates the common share holder but could easily include debts the Company owes through either "new acquisitions" or perceived loss of gain {salary or personal investments/resources}incurred by management.
This may change when the language problems are addressed but as it is currently written I feel the series 3 that is currently outstanding went for new acquisitions, for management compensation or a combination of both. Remember, as it stands only 16% of the 62,500,000 authorized series 3 shares are outstanding.
This likely doesn't help much; hopefully for everyone concerned these issues will sooooon be clarified. Getting late; have to run!
$crooge
AI
