A little BAD NEWS for COPI. Over 5.5 Million new,,,
immediately + fully dilutive shares,traded away
for 1 penny each, and cleverly named "Preferreds" !
And, longs are cheering. But, the "Preferreds" are worse
than the toxic loans that they barely repaid,
and then some others, too.
They are all "convertible, at any time". And always were.
And, more can be approved + 'voted in' at any time, without
any outside shareholders voting, on anything, ever,
just like last time they did not vote for the "Preferreds".
Here's the proof :
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From the 8K filing..
Item 8.01 Other Events.
Effective as of December 31, 2007, the Corporation sold and issued shares of Serial Preferred Stock as follows:
• An aggregate 2,500,000 shares of Serial A Preferred Stock were sold to accredited investors at a purchase price of $1.00 per share, or total consideration of $2,500,000, payable in cash;
• An aggregate 1,250,000 shares of Serial B Preferred Stock were sold to a total of two affiliates with the Corporation, at a purchase price of $1.00 per share, or total consideration of $1,250,000, payable in the form of cancellation of debt of the Corporation to such persons and entities in an aggregate amount equal to such total consideration, such debt having been reflected on the Corporation’s balance sheet contained in the Corporation’s most recent Quarterly Report on Form 10-QSB for the period ended September 30, 2007 as a portion of “Current maturities of long-term debt, principally to related parties;” and
• An aggregate 1,885,709 shares of Serial C Preferred Stock were sold to a total of six persons and entities, including three affiliates of the Corporation, at a purchase price of $1.00 per share, or total consideration of $1,885,709, payable in the form of cancellation of debt of the Corporation to such persons and entities in an aggregate amount equal to such total consideration, such debt having been reflected on the Corporation’s balance sheet contained in the Corporation’s most recent Quarterly Report on Form 10-QSB for the period ended September 30, 2007 as a portion of “Current maturities of long-term debt, principally to related parties .”
Each of the shares of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock are CONVERTIBLE, AT ANY TIME, into 100 restricted SHARES of the common stock, par value $.001 per share (the “Common Stock”), of the Corporation (subject to adjustment). There were no underwriters or other brokers, agents or finders utilized by the Corporation, nor did the Corporation incur any underwriting discounts or commissions or similar fees, in connection with the sale of such shares of Serial Preferred Stock.
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Bottom Lines : COPI gives away stock to its best insider friends,
for $0.01 each. "Convertible, at any time". So, the price of COPI
could drop to $0.01 , At Any Time. And, COPI insiders could vote
for more, even at $0.001 , At Any Time. And, no outside
shareholders could vote against it At Any Time. Because they
don't get to vote on anything, ever. It's nice being a pink CEO.
