Replies to post #9906 on Sunset Island Group Inc (SIGO)

[Trade_Trigger]

Not only will the 46M insider shares be transferred to preferred, they are also locked until 2020 per 8/15 PR. There is no denying that the float is getting locked. Monday we could test $2.50+ imo

[Backstabbed]

No one is guaranteed to be alive tomorrow morning!

If we all live 3 whole years, we need to thank the lord day and night!

[loanranger]

"I'll be surprised if the preferred is not convertible back into common."

It is. The company has filed what's called a Certificate of Designation for 4,600,000
shares of Series A Convertible Preferred Stock.
1. Each share is convertible into 10 shares of common at any time.
2. Any dividend payable to the common must be paid to the preferred as if converted.
3. Preferred shares vote as if they are converted.
4. Preferred shares rank ahead of common in the event of a liquidation.
5. Here's the surprise and the reason that I 'm not convinced that the rumored plan...the officers exchanging their common for preferred...will happen:
"However, any common stock received as part of the conversion shall be restricted for 36 months
from the date of conversion,"
http://www.sos.state.co.us/biz/ViewImage.do?fileId=20171622559&masterFileId=20051365777
p. 5&6


Less than ago the company announced in a press release that "Valerie and I will be locking up our combined 46M shares for the next three years."
Now they are saying that the three year lock up period won't begin until the conversion date, effectively adding to the lock up period by whatever length of time they wait before converting. I'd be surprised if they did that.

Something else bothers me. Even though nothing appears on the page after this statement, for some reason they ended it with a comma instead of a period:
"However, any common stock received as part of the conversion shall be restricted for 36 months
from the date of conversion,"

Let's see if they actually do the exchange. If they do, a filing would be required. Just as a filing should have been made (but wasn't) to report the initial lock up commitment:
https://www.otcmarkets.com/stock/SIGO/news/Sunset-Island-Group-Announces-Three-Year-Lock-Up-Agreement-On-Over-90--of-All-Outstanding-Shares?id=167301&b=y
As an SEC reporting company the proper disclosure is made on a Form 8-k, not a press release.


Proceed with caution.


All IMO.