Phoenix Associates Land Syndicate (fka PBLSQ)

[CapitalKing99]

Good to see you Xylan

I just wanted to clarify the last part of post #60539.

While it appears on an annualized basis (from 3rd quarter numbers), that the common is worth about $.0132 per share -- with the series PFD III outstanding common shareholders are really in the hole about $70 mil. in market value. In other words, it will take additional revenue and earnings of about three times the third quarter numbers just to get a valuation to pay the PFD III. Only at that time will the common have any true value. Until then it is merely a perpetual call on the common. If the PFD III transaction is reversed (adding 600 mil. shares to the already o/s of 2.5 bil. to make 3.1 bil. o/s). Then the common would then be worth about $.01 per share.