Nazz it is highly unlikely that Palisades managed to convert all remaining debt in November/December and dump it on newbies and MMs.
Palisades last conversion which was done in October was at $ .019 a share, much lower than 50% 0f stock price as per contract wording. Wonder why.
I believe you will find that the company still owed Palisades at least 2 million on 12-31-2009. If so this would still allow Palisades to take over Bob Bernstein's 600,000 Class B shares which have a voting power of 1.2 Billion class A shares (the kind YOU are buying) and would allow them to control all stockholder votes.
I do think Palisades will "extend" the due date of whatever debt they still have so they can continue to convert and cash out at huge profits.
And since Palisades is "immune" from the effects of any reverse splits and they can vote one in any time they want, look for that to happen as they desire. (I think they will keep on doing discount conversions and cashing out at huge profits as long as there are still gullible day traders who follow hotstock "alerts" and don't research the company, its history, and its management and their history.)
And if Tony Cataldo is named Chairman and CEO and Bob Bernstein resigns with a nice parachutre, then you can take it to the bank.
"Here's your sign"
