Classic Mr. P “shuck and dive.” How predictable. Too bad I'm a little stubborn, otherwise I wouldn't waste my time with this post.
Here you go again...you were wrong but fail to admit it and do a quick, attacking subject change, after taking something out of context from a prior post that was positive on PBLS, which you can not afford to be. After all that’s your predictable M.O. At least please be man enough to admit you made a mistake before you go on the attack, like I did a week ago or so when I stated that PBLS only uses Preferred and not Restricted for acquisitions. I’ll even admit I was wrong again here in a few sentences, because my parents taught me how to have character unlike some it seems.
You state in response to me, “You really need to understand what a preferred share is. It is debt, an IOU, in the form of a common share. These preferreds do not convert. The $10 price is a par value. It means nothing other than to place a number in it. They pay a dividend. That is the interest payment.”
AGAIN, your mistake was that you assumed these shares are Participating Preferred Shares, since that seems to be the only Preferred Stock you know about. They are one type of Preferred Stock, are usually post Series-a Preferred Stock, and pay a dividend. The deed clearly states that these Preferred Shares fall into the PERC category, post Series-a Preferred Stock that does not pay a dividend of any kind but converts to common shares of the same business issuing the PERC shares. But instead of being a man, like a child, you quickly shift the focus to someone else’s fault.
My mistake was assuming that these had to convert on a 1 to 1 basis to common shares. I was wrong and am man enough to admit that. However, it would make no sense for Harbour Townhomes to exercise the Second Option: to convert a $10 Preferred Share with a guarantee buy back at $10 to an equivalent dollar amount of common shares at a lower price without a guaranteed buy back price, UNLESS THEY BELIEVE THAT PBLS IS AN AUTHENTICALLY GROWING COMPANY WITH A GROWING COMMON SHARE PPS (ie THEY CAN MAKE MORE MONEY BY HOLDING COMMON SHARES).
This was my point in post 31382 to begin with, which of course you had to change subject on and attack because it was positive. But you’re not here to say “good point” or to bring quality research on PBLS. You have other intentions for you and your little group with many aliases. After all, you just made a ton on SLJB with your cronies, and from your past experience with PBLS, you know that this is a quality company to hold long term.
Your continued mistake is that you continue to attack the posters on this board assuming that they don’t know what they are talking about all of the time, when it is quite evident that you also don’t know what you are talking about all the time, or even some of the time for that matter.
Please get some humility and some character before responding to my posts again. I love this board not because everyone is some brilliant investor, but because we all are trying to learn from each other, not just be blow-hards. If you need tutoring on how to become a quality human being, some of the fine posters on this board could sincerely help you as they have helped me.
Ren
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