Again, what happens if he doesn't raise it; retires the Pfds,
Why would Reid want to retire the Pfds? With them, he has 50.62% voting control. It's probably safe to assume he had 37M before issuing himself the convertible Pfds, so slightly more than 50.62%. Retire the Pfds, and his votes add up to 23%. Why would a microcap CEO want to give up voting control of his company? He didn't reward himself with the Pfds just for fun. That why the idea that Reid is going to consult with SHs on a proxy vote in the future is amusing. He doesn't need to consult any SH.
Holding Pfds also place him at the front of the line for any assets, upon liquidation. He has an analogous set up in his other stock TRII, holding a debt note instead.
keeps the 750M and reports 950M
Hopefully the TA can provide evidence no insiders or affiliates dumped that amount. Else Reid has more problems. As strong as he has insisted the O/S is at 750M, the probability is low, but it could've happened.
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