"Exchange for Series B" insider trade John Powers, CEO
How does that transaction negatively affect the common share holder?
In case the company becomes insolvent or enters bankruptcy, The preferred series B shareholders receives the money for shares owned before the common shareholder receives anything. Such positioning would decrease Powers emphasis on the common shareholders interest.
Note also several things - according to NASDAQ historical data the price of the common shares shown as sold did not reach that price on the date the exchange was said to be made. Accordingly CEO John Powers total value of holdings after the exchange was about 8K more than the total value of holdings preceding the exchange. (DO THE MATH) And that exchange was presented as Powers accepted the offer.....Wow! Exactly who wouldn't? I thought it was kind of amusing how the transaction was presented in such a manner as to reflect that the trade was forced upon Powers by the board and he accepted. Powers likely smiled all the way to the bank on this one.
This is just another example of how the insiders are thriving upon the common shareholder while taking care of themselves first and foremost. Additionally, the board approved an increase in shares of 140% of current approved shares to be available for trading in the month of July 2014. We are now in JULY, expect delusion in the near sight.
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