Phoenix Associates Land Syndicate (fka PBLSQ)

[Whirligig]

Anchorcheck,

I know the preferred threes are a pet peeve of yours so maybe you can answer this.

The threes were supposedly put in place to assure management that their personal investment in PBLS would not be lost in case of a takeover.

Do we have any verification that they have converted their common shares for threes or are they still held in reserve until management feels the need to use them?


Since management is also the board of directors the threes were probably unnecessary as they have complete control of PBLS anyway.

Sounds like the old saying "Absolute power corrupts absolutely" rings true here. The lack of oversight and checks and balances has allowed management to make some foolish decisions.