Pilgrim Petroleum Corp. (PGPM)

[boxster2008]

Medical side of business is being spun-off to a new subsidiary which will be exchanged to the existing IMVS owners for their 30 million shares (to then be retired). You can find it all in the 8K.
As it relates to the $3.08 price for IMVS (that is for IMVS shares not PGPM shares). Based on current PGPM prices, you'd expect IMVS share to be approximately 7 cents after conversion. However, from reading the 8K, one gets the impression that this provides a way to get more stock to Lariat (as they are unlikely to have the $10 million + interest by 2010).