Protective Capital Structures Corp. (fka PCSO)

[Libra59]

Looks like they've updated just how the money flows through the BCLOC Equity loans.

4.
What is the new BCLOC Equity Product?
In January 2008, the Board approved the BCLOC Equity Product and the issuance of 1,000,000,000 shares of Series A Preferred Shares (“convertible preferred shares” or “CPS”) for the BCLOC Equity Product.
The BCLOC Equity Product contains financing from a third party lender and the CPS, which convert into common shares for sale to repay the third party lender. Funding through this method allows the Company to fund a loan with cash proceeds over time from the conversion of the CPS.
The BCLOC Equity Product functions in the following five stages:
•Borrower receives CPS in escrow
•Borrower receives funding from third-party lender
•Borrower takes ownership of property
•CPS is converted to cash to repay the third-party lender
•BCLOC Equity Product moves to first lien position in BCLOC structure
To date the Company has issued 682,400,000 CPS, as described in the first stage above, to fund the BCLOC Promissory Notes, which are to be secured with the underlying real property, plus all the assets of the borrower.