Replies to post #97011 on NanoViricides Inc. (NNVC)

[TheBunny]

Stealing the company away from the shareholders, is this ridiculous?
I mean, they just issued themselves more shares and took the company away. You say no? Really? Say this didn't happen?
What if it was true, would you still say they are good guys and do what's best for the stockholders?
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Seeking Alpha- NNVC -80% article segment
http://seekingalpha.com/article/2010691-nanoviricides-house-of-cards-with-minus-80-percent-downside-strong-sell-recommendation

"Devil in The Details: "stolen control of the company and now have absolute dictatorial power"

The trick is these "Series A Preferred Stock" have very unusual terms only offered to insiders which grant them "absolute dictatorial power" over NNVC, while Diwan already controls Theracour. Originally, each A share converted into 4 shares of NNVC stock and carried 4 votes per share but on 6/15/2012 (after the insider lawsuit first became filed) mysteriously the Preferred shares were amended to each carry an astonishing 9 votes each! This may not seem important until you do the math on what this means.

In effect, this means NNVC insiders granted Theracour an astonishing 63,000,000 votes total (at the time). So all in Eugene Seymour and Anil Diwan (the only two board members at the time) in 2012 increased their own voting control from ~30% to 54% and effectively stole control of NNVC from shareholders."