Citadel EFT Inc (fka CDFT)

[janice shell]

Seriously? Get over it....

Get over what? As of 30 June, the o/s was 24.3 million shares. Now Riad's been issued 7,031,282 shares. That's pretty considerable dilution. In addition, he now has an enormous amount of convertible preferred.

Shareholders have relatively tiny amounts of common and preferred. As originally explained by King, the idea behind this scheme was that shareholders would see large dividend payments to make up for the effective surrender of most of their common.

It appears that the company failed even to send the promised ten bucks due to be paid on 15 October. In future, if there is any money to be distributed as dividends, naturally Riad, DeRoos, and other big holders will get the lion's share.

But of course the payment of any dividends at all is a hypothetical. In order to generate earnings sufficient to pay dividends, you need to have assets that are worth something.