141 Capital Inc (fka ONCP)

[the_worm06]

The ONCP Preferred Stock is a DEATH SPIRAL security

at least that is how it is structured by ONCP management

This could lead to billions, if not hundreds of billions of common shares issued by the company for the Preferred Stock upon the conversion due to the death spiral structure of the preferred stock.

The deadline to convert from common to preferred was for Nov. 7, 2008 and one can convert their preferred stock back to common shares within 3 months of the date of the certificate. Does this mean that stockholders can begin convertiing their preferred stock on February 7, 2009?

Has anyone attempted to convert their preferred stock into common stock?