Where's the buyback? This is only a share exchange program. Kind of reminds me of the PAIM buyback scam.
Five things that scream scam:
1. They are not "buying back" anything. It is a 1:1 preferred for common split.
2. How can the preferreds have a value unless they are tradeable or convertable for cash. If they do trade the market sets the price not the CEO.
3. Any reduction in the float will be replaced by dillution once the preferreds become convertable in a year.
4. Preferreds are convertable to RESTRICTED commons after a year. That means if you choose to convert to the preferreds, your shares are restricted for 2-3 years. (1 year for the preferreds and 1-2 years for the commons under rule 144)
5. If the preferreds do hold their $.50 value until the one year conversion time, Everyone holding them is losing potential profit each time the PPS of the commons increases.
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