GSCR – Squeeze why?
Looking over the stock structure before and after the June 29 R/M, I can’t see any reason for a squeeze. Actually, it raises some questions
Lets start on June 29. From the PRE 14C
On the Record Date, there were issued and outstanding 78,250 shares of Series B Preferred Stock, each of which is entitled to 21,550 votes (i.e. a total of 1,686,308,252 votes), and 421,577,063 shares of Common Stock, each of which is entitled to one….
Amount and Nature of Beneficial Ownership
Name and Address Percentage Series B Percentage Percentage of
of Beneficial Owner(1) Common of Class Preferred of Class Voting Power
------------------- --------- ----------- --------- ----------- ------------
Kevin Kreisler 322,234,884 76.4% 78,250 100% 95.3%
One Penn Plaza, Suite 1612
New York, NY 10119
------------------------------------
(1) All of the Series B Preferred Stock and 320,534,884 shares of the common
stock owned beneficially by Mr. Kreisler were owned of record by GreenShift
Corporation, of which Mr. Kreisler is an officer and director.
Thus, of the O/S, the owners are as follows
Kreisler: 1,700,000 shares
GS Carbon 320,534,884 shares
Float: 99,342,179 shares
That brings us to today’s 8-K
Effective July 1, 2007, the Company's majority shareholder, Seaway Capital, Inc., converted 308,234,884 shares of Company common stock into 21,750 shares of Company Series B preferred stock. Taking this conversion into account, Seaway now owns 100,000 shares of the Company's Series B preferred stock
After this conversion is effected, the Company will have approximately 186,099,879 shares of common stock outstanding and 100,000 shares of Series B preferred stock.
So at the transfer, GS Carbon hands over all their B shares and for now I’ll assume GSCR also handed over all their commons. Seaway converts 308,234,884 into preffereds so that leaves
320,534,884 – 308,234,884 = 12,300,000 common shares in Seaways hands not converted
So far so good. Now here’s the problem
June 29: O/S 421,577,063 of which 76.4% (322,234,884) was owned by GSCR and Kreisler. That leaves a float of 99,342,179
July 1: O/S 186,099,879 of which Kreisler still owns 1,700,000 and Seaway has 12,300,000 leaving a float of 172,099,879
What happened? Overnight the float grew 72,757,700 shares. Where are these shares, who owns them, are they still with the TA..........questions, questions
AI
