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Friday, January 15, 2010 10:04:45 AM
Bill converted his common to preferreds and then is selling those preferreds to Allie so Allie has effective control of the company.
Very simple...PR said buying control of a public company. You do that by owning 50.1% of the votes. Votes are with the preferreds so Bill converts his common to preferreds so he has more to sell to Allie - all planned a while ago when they first started talking. So Bill gets to partially cash out and the rest of you get NIL.
Face up to it, (and I may be wrong) but IMO it appears that this deal is structured so that another pinkie CEO gets to screw the common shareholders.
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