a few new facts
peter would have us believe that the irish only lent ipwg $100,000. let's discuss this.
FIRST, THE IRISH GROUP HAS LENT IPWG $500,000 OVER THE LAST 9 MONTHS - NOT $100,000.
SECOND, WHEN THE IRISH GROUP LENT THEM THE LAST $100,000, IPWG GAVE THE IRISH A CHOICE --- TAKE PREFERRED SHARES (WORTH 2.5 BILLION VOTES) or TAKE 1 BILLION COMMON SHARES (if my memory serves me correctly, stock was selling at .0003 at the time). why did the irish choose the preferred shares ??? a) the preferred shares are to be retired (mandatory redemption) as soon as the italian money is in the bank --- meaning all these votes will be erased after redemption --- no lasting effect b) if they took the common shares, it would mean even more permanent dilution --- and they would have voting rights as long as they held these shares. SO YOU FIGURE IT OUT - BY TAKING THE PREFERRED SHARES, NO DILUTION, AND NO PERMANENT VOTES !!! c) what do you think would have happened to the pps if the company, instead of taking the loan from the Irish group, dumped another billion shares on the open market??? d) would any one of you lend ipwg one penny without some form of collateral --- especially based on their less than remarkable track record ??? do any of you think the irish are the bad guys for asking for collateral for their loans to ipwg???
SO PETER WOULD HAVE YOU BELIEVE THAT THE IRISH WERE TWISTING THEIR ARMS TO GET THOSE PREFERRED SHARES --- WHEN IN REALITY, THEY WERE DOING WHAT WAS BEST FOR IPWG SHAREHOLDERS LONG TERM !!!! ONCE THE ITALIAN MONEY IS IN THE BANK --- AND ANNOUNCED --- THESE PREFERRED SHARES ARE REDEEMED WITH NO LASTING CONSEQUENCE !!!
AND LET'S NOT FORGET, THEY HAD ALREADY LENT IPWG $400,000 BEFORE THIS LAST LOAN !!!! DOES THIS SOUND LIKE THEY'RE THE BAD GUYS ??? OR ARE THEY JUSTIFIED IN LOOKING TO PROTECT THEIR LARGE INVESTMENT IN THE COMPANY !!!!
