$tacks Upon $tacks Of Moolah

[Mr. Bill]

Yep COWPP to pay a yearly accumulated dividend on June 30th 2005 per 10K

COWPP .03(2) x .04(1) June 30th Dividend per 10K (Pref stock most likely)

13. PREFERRED STOCK ISSUANCE

On October 15, 1986 Canal exchanged 986,865 shares of its $1.30 Exchangeable Preferred Stock ("the Preferred Stock") for a like amount of its outstanding common stock. Since the exchange, the Company has issued an additional 6,203,757 shares in the form of stock dividends and in October 2003 the Company, repurchased for retirement, 992,225 shares (from an affiliate) at $0.10 per share resulting in a total outstanding at October 31, 2004 of 6,198,367. All of the Preferred Stock has a par value of $0.01 per share and a liquidation preference of $10 per share. The Preferred Stock is subject to optional redemption, in exchange for Canal's 13% Subordinated Notes, by Canal, in whole or in part at any time on or after September 30, 1988 at the redemption price of $10 per share. Dividends on the Preferred Stock accrue at an annual rate of $1.30 per share and are cumulative. Dividends are payable quarterly in cash or in Preferred Stock at Canal's option. Payment commenced December 31, 1986. To date, sixty of the seventy- two quarterly payments have been paid in additional stock resulting in the issuance of 6,203,757 shares recorded at their fair value at the time of issuance.

Canal is restricted from paying cash dividends by certain of its debt agreements (See Note 5). The last cash dividend paid on Canal's preferred stock was in September 1989. The quarterly dividends payable September 30, 2004 and December 31, 2004 were passed by the Board of Directors. It is the Company's intention to pay its next dividend on the preferred stock on June 30, 2005 at which time a one year dividend will have accumulated. The dividend planned for June 30, 2005 will also be paid in additional stock.

PREFERRED STOCK, $0.01 PAR VALUE:
10,000,000 SHARES AUTHORIZED; 6,198,367 AND
6,198,367 SHARES ISSUED AND OUTSTANDING
AT JANUARY 31, 2005 AND OCTOBER 31, 2004,
RESPECTIVELY AND AGGREGATE LIQUIDATION
PREFERENCE OF $10 PER SHARE FOR $ 61,983,670
AND $61,983,670 AT JANUARY 31, 2005 AND
OCTOBER 31, 2004, RESPECTIVELY

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001169232%252D05....

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001169232%252D05....

Level II Quotebook
Time MMID Size Bid
07:30 NITE 50 0.03
09:35 SCHB 50 0.03
07:30 CARR 50 0.02
07:30 HILL 50 0.02
07:30 HDSN 50 0.02
07:30 FRAN 50 0.010
07:30 PERT 50 0.010
07:30 SEAB 0 0.000

Ask Size MMID Time
↓ 0.04 50 SCHB 09:35
0.05 50 FRAN 07:30
0.11 50 CARR 07:30
0.11 50 NITE 07:30
0.15 50 HILL 07:30
0.51 25 PERT 07:30
0.55 25 HDSN 07:30

Time & Sales
Price Size Time
0.04 9000 10:58:49
0.03 1280 05/16