Phoenix Associates Land Syndicate (fka PBLSQ)

[pnew122]

Huh?

It tells me they couldn't find and more stuckholders to take the preferred deal. That deal would have sucked up a ton of common on the conversion, and clearly pointed out that investors were willing and believeing there was a future.

P1=125,000,000 authorized, and 122,750,000 returned.
Bal only 2,250,000.

P2=187,500,000 authorized, and 186,250,000 returned.
Bal only 1,250,000.

P3=62,500,000 authorized, and 52,000,000 returned.
Bal only 10,500,000.

This board resolution was unanimously passed as a part of Phoenix's continuing effort to enhance shareholder value through corporate redeployment of assets.

Look @ the chart. I don't see any enhancement. And I'm not going to waste my time going back to copy and paste the PR's, but @ the same thime they were supposedly retiring shares, they turned right around and issued more.

And here was a nice one. Mind you this was supposed to be part of a new growth plan. If you read the PR carefully, you will notice the reason for expansion.

Company Reports Additions to Its Mining, Oil & Gas, Aviation Division, and the Sale of Two Companies Into a Separate Public Company

http://biz.yahoo.com/iw/070727/0283629.html

Mining-You should know that story by now.

Oil & Gas. What Oil & Gas?

Aviation-You should know that story by now.

Lastly, Phoenix will be making changes to its preferred and common stock structure. All series of the Company's preferred stock will now be both assignable and transferable so as to allow preferred shareholders the flexibility to sell their stock privately or to use it as collateral should they see fit to do so.

As an essential ingredient in the Company's new growth plan, its Board has approved an increased in the number of authorized shares of its common stock from 1.75 billion to 2.5 billion shares.

Under the new growth plan, it is expected that the Company's new venture partners will be acquiring a very large position in Phoenix common stock of well over one billion shares. They have committed to over the counter purchases of approximately two thirds of the amount they require, with the balance to come from Phoenix as certain acquisition are made, contracts are granted, and sales and profit projection are achieved that are attributable to their efforts.

And just 3 days after this, they anounced the Komex deal. I for one assumed the increase was primarily due to the Komex deal. The best thing they could have done was retire the entire 750 MILLION shares they threw in the pot.