GTC Biotherapeutics (fka GTCB)

[wjlknew]

Here is the relevant section from the 8-K dated September 29, 2006.

"4.4.1. Authorized Amount and Designation . Fifteen thousand (15,000) shares of the authorized and unissued Preferred Stock of the Corporation are hereby designated “Series D Preferred Stock” with the rights, preferences, powers, privileges and restrictions, qualifications and limitations set forth below. Upon the conversion of any shares of Series D Preferred Stock or upon any other reacquisition of such shares by the Corporation, such shares shall be restored to the status of undesignated Preferred Stock. Upon any such conversion or reacquisition, the Board may, without action by the stockholders, authorize the amendment of this Section 4.4.1 either to reduce the number of shares of Preferred Stock designated as Series D Preferred Stock to reflect a partial conversion or reacquisition, or to eliminate this Section 4.4.1 to reflect the conversion or reacquisition of all outstanding shares of Series D Preferred Stock."

It appears the BOD will now have to take some action as to the disposition of LFB's converted Series D Preferred Stock, but it is difficult to say what that action will be. The operative words are "shall" and "may".