Any callable "Preferred" shares will be converted to common,,,
ASAP, as long as the trading price of COPI is above 0.01
They were probably all converted in early January, after
COPI moved above 0.03 , and re-tested 0.02 , and moved on
up in the current pump, which peaked on January 23, and
stalled ever since, down 20% , on decreasing volume.
No one would hold a share of non-interest-bearing "Preferred",
that is callable at $0.01 , anytime, while the price of COPI
is above 0.02 , and especially not while the price is 0.07
and dropping, and even more especially if the price starts
rising again.
If COPI had any cash, they would have already called as many
"Preferreds" as they could afford. COPI would have even
taken a 50%-annual-interest loan, if they could get one.
Or, try to get a new investor to buy a new load of Preferreds
callable at 0.04 or higher, to pay off the 0.01 Preferreds,
IF THEY WERE NOT ALREADY CONVERTED TO COMMON.
Think about it. What would you do if you owned any of the
$0.01-callable-Preferreds? It's exactly like holding a piece
of paper, that pays Zero interest, but allows you to buy
Gold at $100 per ounce, while it is trading at $700. But,
anytime, before you trade the paper for gold, COPI could
call the paper, and pay you only $100, plus Zero interest.
And, all of those 0.01-callable-Preferreds were sold to
'Sophisticated Investors' , including lawyers. They must
know that the Preferreds are almost worthless if they are
Not converted, ASAP.
In addition, since there is a 6 [or 12?] month restriction
period, after conversion to common, you can bet that those
lawyers converted as soon as COPI went above 0.01 , just
to try to be the first to start the clock, and be the first
to dump, after the restriction expires.
There is even no reason to not convert if the price of COPI
is below 0.01 , because the Preferreds pay no interest,
and if COPI tanks below 0.01 , COPI will certainly not have
any cash to call the Preferreds. So, the holders are better
off to be holding unrestricted common, and bailing out for
less than 0.01 , or anything that they can get. And, the
faster they bail out, the more they get.
So, imsio, all of the Preferreds are already converted,
and the 550,000,000+ brand new shares are clocking down,
waiting to be unrestricted, and could start dumping by
June [or maybe earlier, who knows what it says in the deals].
And, why didn't COPI file any 8-K's , as the Preferreds
converted? Or, if they don't have to file ASAP, how long
can they delay? Or, if they don't even have to file 8-K's,
they should still inform their loyal longs, and new buyers.
If not, why not?
P.S. ; Regarding COPI's "patented technology" , and a
"buyout" or "affiliation" with VeriSign, somelongs ought
to do a little more DD. Telephone "software" is very easy
to not-quite-copy, and significantly improve, every few
months [according to Moore's Law], and get a newer + better
"patent" [actually, Copyright]. Also, a real company, like
VeriSign, would never buy-out a small company, with a load
of toxic financing. And, finally, we were involved in the
deal that sold NSOL to VeriSign. The NSOL shareholders were
not too happy, as they got no cash, and soon lost 90% of
their 'share value'.
But, we're still rooting for COPI, along with the longs, temporarily.
If COPI can pump up to 0.10 , or higher, temporarily, it
will be an even quicker + more profitable + risk-free short.
And, if I were a COPI long, I would sell all my shares, ASAP,
and call COPI, and offer to buy some new "Preferreds" ,
as long as they were convertible at 0.05 or less. Which is
5 times better for COPI than the 550,000,000-share load that
they just gave away to the lawyers that loaned COPI some
desperately needed cash. And, if COPI sold me some 0.05
Convertible Preferreds, I would convert them, on the spot,
and immediately start the 6-month count-down clock.
[Like the lawyers probably did, if they could, imsio.]
