EFuel EFN Corp (EFLN)

[ToBeContinuous]

Actually it was 2 Preferred for 1 Common convertible after 1 year.
If you look at that filing, their issuance coincided with the addition of 2 new directors.

Each director presumably got 17.5 mil. shares on 5/19.
The closing price on 5/19/10 was .0011

That's $19,250 a piece.

Here's where I'm gonna blow your mind.

The voided 40:1 r/s was for common stock only.
If the r/s were to have actually happened and the closing price before the cusip change was .0011,
it would've opened at .044 with a new ticker.

Should it have held that price till 5/19/11, each director could've converted their preferred's into 8.75 mil common shares worth $385,000.

I can see why you showed up.
They rescinded an insider 20 bagger.
The shorts who were banking on a cusip change so as not to have to cover?
Tough luck.