Hmmmm - that doesn't really answer the question, now does it?
I personally see a lot of difference between this language from the 10-Q in March 2010:
"Note 11. Subsequent Events
.....These actions were approved by 72% of the outstanding shares of the Company at a special shareholders meeting called for this purpose on April 21, 2011."
and this language in the PR of May 2011:
"Friday, May 06, 2011
LAS VEGAS, May 6, 2011. PRNewswire - Cord Blood America, Inc. (OTC BB: CBAI, CBAID) announced today that the effective date for the reverse split, approved by 80 percent of its shareholders voting in a recent proxy vote, is the opening of the market on Monday, May 9, 2011."
For starters, which was it? 72% or 80%? Whose job is it to verify the information in such PR's for accuracy? Can you shed any light on how these two figures can differ so significantly?
But let's also look at the difference in wording. When one refers to "outstanding shares", it defines the group immediately. The method of measurement is the number of outstanding shares, and has absolutely no relation to how many individuals hold those shares. It could be one million, two thousand, or just a few really large blocks in the hands of...say, management. That is the language from the official, under penalty of perjury, document.
Then we have that slight, but very important change in wording in the PR. The group is now defined as "shareholders" - a finite group of individuals. That number has no relation to the number of shares involved. It could mean any person that has even one share, so it is an entirely different method of measurement.
The changed percentages and language came in a PR issued months after the sworn SEC filing, and presumably was approved by IR, so it seems natural that you would be the best person to clarify this.
Thanks in advance.
