Shouldn't we file a class action suit because of the class III Preferreds?
Management exchanged their shares into those and they gave themselves $.17 per common share. Those preferreds are due on demand. Now they own $100 mill. face value in preferreds while we have big losses.
Isn't it illegal to treat shareholders unequally?
Management should have received at the most $.06 for their common shares, that means that almost 2/3 of the class III pref.
should be distributed to shareholders and people who lost money.
Can anybody recommend a law firm for this?
I think we should not take it lying down while they are robbing us.
It seems they are diluting now with abandon, since they converted their shares to preferred.
And why are they constantly issuing more shares at these prices, since they are worth supposedly four times as much?
Also, the financial statements show a $30 mill. asset from the pit, even thought they don't own it. That is contrary to accounting rules, you can only use your cost as an asset, not 10% of future hoped for sales.
Also, the 2006 pretax profit shows up in first qu. 2007 as retained earnings. Didn't they have to pay income taxes and preferred dividends out of that?
And why do they not show EPS, like any decent company?
Every time they hide something like that, they are trying to deceive. If you deduct income tax and preferred dividends, there is no profit for common shareholders.
I have been lied to by RB, who told me there are less than a miilion preferreds outstanding. These people are lying, deceiving thieves who shoud be brought to justice.
