Replies to post #155189 on Strategic Asset Leasing Inc (fka LEAS)

[trader59]

They have never said how those shares were to be distributed.
LEAS had planned a 1 for 2500 RS of the common stock followed by the conversion of the preferred B's held by the owners of ANEW (pre-RM) into just over 40M shares of stock. The RS would reduce the O/S to a little over 400K shares, meaning their intent was for the owners of ANEW to own 99% of the equity in LEAS after the RM. Makes sense, since no LEAS bagholder had given them a plug nickel for the growth of ANEW, that was the private investors.
Sometime after the business combination was announced, Sinkule put in that they no longer needed the RS, and he's right. They can distribute those RWOD shares any way they want to, and considering that Sinkule just took about 23% of them, I'd expect those Preferred B holders to get the vast majority of the remaining. Sinkule has complete control over the distribution, since he owns the vote.