Replies to post #43479 on Phoenix Associates Land Syndicate (fka PBLSQ)

[apea]

any idea what appraised value of condo? have a nice day,apea

[ster33]

Thanks Jam!!!!!

[Renavatio]

So you are saying that they convinced the owner of the townhomes that PBLS common would be worth $10 a share some time in the next 5 years? If that is true, I need these boys selling for me.

But the one thing that is confusing to me is the simple fact that it says in the recorded contract if the price of PBLS Preferred falls below .03, the option can not be exercised. As I don't see how the Preferred could change in face value (as they are valued at $10), I made the assumption they were meaning common, as .03 was the price of the last buy back.

Either way, check out the document and please do clarify. I buy and sell real estate all the time, especially condo conversions as that's a "hot item" investor-wise in the current market. In fact I looked at 3 locally today for an investor I have out in Los Angeles. However, sadly I don't have the ability to give stock away as consideration and so this is new territory for me. THIS DEAL is so small in the great scheme of things that it's really not that big of a deal. We're just biding time until the next news.

[WarEagle]

"He was also offered another option, as he wanted to spread his capital gain across as many years as possible. The language is clear, he can convert 15% or 60,000 share after he has held them for 1 year, the price per share would be the price posted on the stock exchange as of the post mark date. So he can convert his 60,000 preferred share for 60,000 common stock shares."

This is what this means. He can convert 60,000 preferred shares at $10 per share, which is $600,000, into common shares
using a current market price. If the price per share of common stock is still at .015 when the conversion takes place, then he will be able to convert those 60,000 preferred shares into 40 million common shares.