Thank you for going through the effort algol :) I wish it were better news, but it should at least put to rest the notion of a single class of shares.
So what AAPU has done:
--Created a Preferred Series.
--Dissolved the Corporation.
What they appear to have done or I speculate:
--Issued the preffered to mgmt (and possibly former PP holders).
--Super Majority usually relates to ability to control corporate actions by maintaining voting control.
--Created their parachute for dissolution as they can have compensation set aside before liabilities are satisfied and equity divided amongst other shareholders.
The original Articles of Incorporation (and possible amendment(s)) will prove/deny the 2nd and 3rd points. That would be the last verifier to see if common shareholders will receive any part of remaining "equity" after all assets are sold and liabilities satisfied.
If indeed AAPU assets were sold to Accel the possibility exists that common shareholders may get prorated compensation ($$ or shares). Given the track record though, the chance appears slim.
I still question:
--Although they appear to have had majority voting locked, the way I read the statutes it appeared all shareholders should have been notified and allowed to participate in the vote for dissolution and maybe even had the ability to invoke "Dissenters Rights."
How many legs does a dog have if you call the tail a leg? Four; calling a tail a leg doesn't make it a leg.
Abraham Lincoln
AI
