could this the scenario you are talking about..LOL
March 9, 2005
NEW YORK -- IBAC Corporation, (Pink Sheets:ICAN) announced today that it's CEO, Mr. Edward W Hayter, will retire 6,000,000,000 shares of his personal ICAN common stock in exchange for a class of preferred stock.
The Company's intent is to offer dividends to the common stock holders, which dividends will not be offered to the insider preferred shareholders. This measure is taking place to position the company for an eventual sale or merger of one or more of its subsidiaries to a fully reporting OTCBB company
IBAC Corporations board of directors has agreed to retire the ICAN shares to the treasury. The 6,000,000,000 shares are ICAN common stock. Mr. Hayter will obtain a class of preferred stock with majority voting rights. The retirement of the stock will occur within the next month and is subject to all SEC and regulatory statues..
