lol, I absolutely agree with you about the naked shorting myth. But...
This poster talks about the company having a special class of preferred shares with voting rights (which makes little sense to me since as a licensed broker I always understood that the COMMON has the voting rights and the preferred do not...).
You may not be as familiar with the extensive rights of Nevada corporations as many of us are. Yes, you can create a preferred class of stock, and, say, issue 1000 shares to yourself, each share having voting rights of, say, 2 billion shares. Whatever you want. I've seen this done. One case in point is IFTA, though there've been many others. Needless to say, super voting rights for preferred stock ensures that management controls the company no matter what. It also makes it possible to retain control without issuing as much common as Urbie has done. Guess nobody told him about that.
And a further benefit: when you do the inevitable reverse split, you can reverse ONLY the common, not the preferred. Cool, eh?
