Drinks Americas Holdings, Ltd. (DKAM)

[Toxic Avenger]

I don't think your calculation is wrong. Perhaps it's another error. While I find it hard to believe that PK got $1,000 worth of preferred C (1 share) for every dollar he was owed, I have learned that on the OTC, anything is possible. I guess shareholders can hope that it actually should have read $1 of preferred C for every $1 owed.

Otherwise as you said, he personally holds preferred shares convertible into roughly 85 billion common shares. Of course he only holds about 95 million votes with those preferred C shares, so he won't be able to increase the AS alone.

However, I can't imagine anyone will be willing to buy common at any price, given this. IMHO, I think "virtually worthless" overstates their value.

Perhaps this is the "bombshell" to which BCInvestor referred.