Replies to post #10466 on Independent Film Development Corp. (IFLM)

[Threeflight]

Exactly. And you have to wonder what that motive is.

Any normal ceo, under normal circumstances, thinking normally, knowing what IFLM is, would tell Jake "please take this shell, give me $500 k, and you can do whatever the hell you want to with it"!!!!!!!

The fact that is not happening? In fact the CEO is fighting tooth and nail to NOT do that? Is not even bizarre. It's downright insane.

But it is happening. And people are thinking the buyers of the stock are being scammed?

LOL imo its the exact opposite.

[janice shell]

Let's consider that theory. Unfortunately, we don't have a copy of the current corporate charter. But this is the preferred stock that had been designated as of September 2015:

Series A Preferred Stock

On June 17, 2013, the Board of Directors designated a series of preferred stock titled Series A Preferred Stock consisting of 5,000,000 shares. There is currently no market for the shares of Series A Preferred Stock and they cannot be converted into shares of common stock of the Company. The shares have super voting rights of 100 common shares for every one share of Series A. The Preferred Series A do not contain any rights to dividends; have no liquidation preference; are not to be amended without the holders approval.

All of the Series A was owned by Ritchie.

Series B Preferred Stock

On March 26, 2015, the Board of Directors designated a series of preferred stock titled Series B Preferred Stock consisting of 10,000,000 shares. There is currently no market for the shares of Series B Preferred Stock. They can be converted into shares of common stock of the Company at par value ($.00001) and are priced at $2.50 per share. The Series B have voting rights of 10 votes per share, are entitled to dividends if declared and have liquidation preference to stock below it.

The Series B was owned by a number of people.

Series AA Preferred Stock

On February 18, 2015, the Board of Directors designated a series of preferred stock titled Series AA Preferred Stock consisting of 10 shares. The shares are convertible into the number of shares of common stock equal to four times the sum of the total number of common stock issued and the total number of Series B issued. The Preferred Series AA do not contain any rights to dividends; have no liquidation preference and are not to be amended without the holders approval.

All the Series AA was owned by Ritchie.

Series F Preferred Stock

On September 25, 2015, the Board of Directors designated a series of preferred stock titled Series F Preferred Stock consisting of 20,000 shares. There is currently no market for the shares of Series F Preferred Stock. They can be converted into shares of common stock of the Company at par value ($.00001) and are priced at $2.50 per share. The Series F have voting rights of 1 vote per share, are entitled to dividends if declared and have liquidation preference to stock below it.

The Series F was owned by a company that had been acquired by IFLM.

https://www.sec.gov/Archives/edgar/data/1425883/000126246316000974/iflm10k.htm

All of that adds up to 15,020,010 shares of preferred. According to Wyobiz, a round 15,000,000 shares of preferred are authorized. So, was that just sloppy work on the part of whoever filed the incorporation documents, or have the Series AA and Series F disappeared? It is, I suppose, possible that the Series F was cancelled, if the acquisition, which occurred in 2015, fell through. But what about the Series AA, which was convertible into a huge quantity of commons, and had equivalent voting rights?

Obviously, this issue does require clarification.