MBA Holdings (fka MBAH)

[mike306oh]

Hoagx, are you the one from MOBL board?

What's going on with MBAH? I was following it for quite a while, and happy I didn't buy any shares. Today's news are not good at all.

"Cactus has offered to accept 2,000,000 shares of the Class B Preferred Stock in return for $317,382.50."

Since the "Class B Preferred Stock ... shall be assigned the voting power of one hundred (100) voting shares for each Preferred Stock share" this means that Cactus only paid:

$317,382.50 for the equivalent of 200MM common shares. This means that the real value of a common share is only 0.158 pennies/share?

Mike
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Business Wire - April 04, 2005 08:58

SCOTTSDALE, Ariz., Apr 04, 2005 (BUSINESS WIRE) -- MBA Holdings (OTCBB: MBAH) announces that its Board of Directors has accepted the request of Cactus Family Investments, LLC ("Cactus") to convert 460,000 shares of the Company's Class A Preferred shares into common shares and to accept the return of the remaining Class A Preferred shares to the Corporation as a contribution of capital by Cactus. The Board of Directors directed that the Class A Preferred shares received shall be cancelled.

In addition, the Board of Directors authorized the creation of a Class B Preferred Stock of 3,000,000 shares. Each such Preferred Stock share shall be assigned the voting power of one hundred (100) voting shares for each Preferred Stock share. The Class B Preferred shares shall not be convertible into common shares.

Cactus has offered to accept 2,000,000 shares of the Class B Preferred Stock in return for $317,382.50 of past due rent payments that are due to Cactus. The acceptance of this exchange was approved by the Board of Directors.