RE: Conversion Rights
Yes, as per Annual Report. But as a former CFO, ...
the sell of Saenz Yachts, via Al Ayers and Ed Salmon, gave conversion rights by contract up to the value of $8,000,000 at current market rates. In other words, he could convert his voting preferred shares to the turn of $8,000,0000 /.0001 equals 80 billion more shares.
Seems like Atty Saha missed some things. He did an excellent job of disclosures...better than anyone before...but certain things have been missed;
1) the conversion privileges (maybe Peter did not tell him about such),
2) the legal proceedings (the status of lawsuits is not accurate),
3) the judgement and liens filed not disclosed,
4) the personal material actions filed against the CEO not disclosed,
5) the correct title and status of Peter's position at Carnival (he was never Head Technical Supervisor - rather one of several Technical Supervisors).
There are several and many other omissions, my list is not complete...but over all Mr Saha did a commendable job compared to previous attempts. I wonder if Mr Saha was worried about liability and that was his motivation for such an strong effort? But his efforts are only based on the accuracy and information that Peter provided...it all comes down ad back to Peter's honesty ...doesn't it?
It looks like the only recourse Shareholders have now is a class action suit against the officers and others, such as Kerry, Jason, Peter, Martha (secretary), and certain other persons.
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