Tell me how this is a good move for the shareholders???
In April of 2007, Sheridan Westgarde, CEO, received 2,007,194 shares of Series A Convertible Preferred shares in exchanged for stock commitments and approximately $300,000 of monies owed to him, including cash loans provided to Valor. The Certificate of Designation for these shares, as filed with the Nevada state and the Securities and Exchange Commission, provide for these shares to convert into approximately 123 million shares of the company's common stock. During May of 2007, Mr. Westgarde filed a letter with Valor and its Board, irrevocably canceling the conversion rights pertaining to these preferred shares. Mr. Westgarde commented regarding his actions, "I did this because I wanted to demonstrate my commitment to the process of building this company." He continued, "I want to ensure that Valor is managed in a way that is in the best interests of its shareholders and debtors."
If he converted all his Preferred Shares into common shares as was originally stated....HE WOULD BE DILUTING HIMSELF AS WELL AS US....BUT HE DID NOT, AND HE IS NOT DILUTING HIMSELF....REAL FAIR, AHHHH?????
This is his demonstration to building the company??? I think this is a clear demonstration of insider knowledge, and not converting before he crushed us with DILUTION!!!! Tell me I am wrong....This is his idea of what is in the best interest of the shareholders......THANK YOU SHERIDAN!!!!!
AI
