Gary, look what I found!
The Series F Convertible Preferred Stock
On January 27, 2000, the Series F Preferred Stock Certificate of
Designations was amended to obligate the company to issue up to seventy-seven
million shares of its common stock upon the conversion of the 12,500 designated
shares of Series F Preferred Stock, as noted above. Such increase in the number
of shares of common stock was made in the interest of investor relations of the
company.
Under the terms of the Series F Subscription Agreement entered into August
10, 1999 that the company would be required to make certain payments in the
event of its failure to effect conversion in a timely manner. In connection with
the Series F Preferred Stock, the company would be obligated to redeem the
excess of the stated value over the amount permitted to be converted into common
stock. Such additional amounts would be treated as obligations of the company.
At various dates through December 31, 2000 the other 7,526 shares of Series F
Preferred Stock have been converted into 48,776,638 shares of the company's
common stock. Presently, there are no shares of Series F Preferred Stock
outstanding.
And there are more! Although it appears the conversions have been done for some serious cash. $2 million converted to $6.6 at todays stock price close,in only monthsNow I am evaluating if the worst is behind....one's still on books have a .12 bottom, and there are some other good things in todays filing. This friggen #@$&*#@. Another gd cd problem.
These instraments ought to be illegal. And another thing....it would seam to me the returns on those debenture mutual funds should be much higher. Am I missing something....or will they be showing some tidy returns the next 6 months.
