Phoenix Associates Land Syndicate (fka PBLSQ)

[Whirligig]

Ren,

Regarding the reverse split question....... I believe you are right about the preferred share count being tied to the common share count. Past increases have been possible because of the link between common and preferred and the unwillingness of management go through the process to change the structure.

At least that was the reasoning given for increasing the authorized share count in the past.......