Phoenix Associates Land Syndicate (fka PBLSQ)

[GE_Jim]

Oh, ok I guess I didn't read his post as close as I should have. I agree with you there is no way the conversion has already taken place with anything close to the 100 million . They simply don't have the money.

BTW many other companies issue a statement in their by laws concerning a trigger point in regards to the posion pills issue. In those cases it doesn't take effect until someone trys. In this case they are already issued and in play. Again most companies can't tie up that type of money, and if done very hard to undo. There on the books, and not a provision in the bylaws. They are again in play. And they can cash them {ser 3's} when ever they wish.

My point is they did NOT have to do this. And from any direction you wish, not a good thing. Think about a price runup of a real buyout try. Especially they way this one trades.

IMO