Replies to post #42992 on Phoenix Associates Land Syndicate (fka PBLSQ)

[gitonwithit]

You are right, it doesn't make any sense. Why offer to convert common float for preferred status at such a differential?

The only thing I can rationalize is to bring the short seller to it's knees with a super low float. Sounds crazy I know, but I can think of no other reason to redeem shares at such a premium.