On Monday I will try and post the document I received which is the corporate resolution filed in Delaware authorizing the 5,000,000 shares of preferred stock which was signed by John Benvengo. The certificate was signed May 7th and filed May 8th.
So on May 7th the Board of Directors filed "State of Deleware Certificate of Amendment of the Certificate of Incorporation". This Amendment was filed on 5/8/09 and stated in part:
"The Corporation shall be authorized to issue a preferred class of stock in the amount of 5,000,000 shares............."
"This amendment was duly adopted in accordance with Section 242 of the general corporation law of the State of Delaware....."
IMO this was done illegally. There had to have been a shareholder meeting to either approve or disapprove of same which was NEVER held. Therefore IMO all preferred stock is illegal.
See Section 242 of the General Corporation Law provisions of the State of Delaware which I suggest you all GOOGLE.
On July 17, 2009 the board voted for the issuance of 10 billion and 5 million shares of preferred stock. This vote was completely illegal as to the preferred shares. The shareholder meeting/vote was not held until September.
So how is it will someone please explain, how the preferred 5,000,000 shares could be filed with the State of Deleware on May 8, 2009, 4 months prior to an actual shareholder meeting?
However, there is a possibility that the company can say that they had more than enough outstanding voting shares at the time to give themselves the 5 million shares of preferred stock so they said screw the shareholders we do not need them. I kind of doubt this was the case because Benvengo begged for shareholder support for the September vote.
HOWEVER IN JUNE THE BOARD OF DIRECTORS GAVE THEMSELVES AN ADDITIONAL 350,000 SHARES OF PREFERRED STOCK OF WHICH 250,000 SHARES WERE CONSIDERED CLASS C SHARES WITH 10,000-1 VOTING RIGHTS AND 100,000 CLASS D SHARES WITH VOTING RIGHTS OF 250,000-1 WITHOUT A SHAREHOLDER MEETING. IF THIS IS THE CASE IMO IT IS ILLEGAL AND FRAUDULENT.
I WOULD HAVE TO BELIEVE JOHN B SIGNED OFF ON THIS 'IN THE BEST INTEREST OF THE IPWG SHAREHOLDERS'.
With the millions of shares that were diluted we as shareholders are entitled to an accounting, after all, wasn't the dilution done so the accountants and lawyers could be paid an the $500 per month doors kept open? Where is the money John and Peter and where is the first draw from the Italians? When is the ground breaking in Poland. People I know who are polish who have people in Poland have never heard of this proposed plant. What about all the other plants IPWG was supposed to build.
The garbage here is beginning to stink
