I don't really get where the 37.5 million comes from. Based on the current disclosure of outstanding preferred shares (total of 11,292,398 I, II & III), the annual payment of 60 cents per preferred share amounts to $6,775,438.80 annually. If they issued all 250,000,000 authorized preferred shares, then $150 Mil would be dished out annually on dividends. It would take a huge amount of assets or money to come into PBLS for all of those preferreds to be issued - over $2 billion
As far as the value to be given in exchange for the preferreds, that's a confusing issue. The filed Certificate of Designation says the 250,000,000 preferred have "a par value of One Mil ($0.001) per share and a stated par value of $10 per share" which makes no sense. It's doublespeak. However, the subsequent classification on the Designation clearly says each of the three series has "a par value of $10 per share." So, to get a preferred share, you need to pony up $10 in value. I've said it before, but there is no way any significant number of those preferreds are in the hands of PA and/or RB. They have not infused enough assets or funds into PBLS to receive them. If it's part of a salary package, then we clearly will be able to place their balls in a vise. Multimillions in salary to a handful of individuals from a pinksheet company? Under no theory does that pass the smell test. Not unless down the road PBLS grows in to a giant. PA and/or RB have to know that we shareholders will not sit back and allow the redemption of over $100 million in preferred shares when the company doesn't even have anything near that in funds. Does anyone think they would liquidate the company to satisfy such a redemption? That's absurd and suicidal and even they are not that arrogant and stupid. The only explanation is that all of the Series III were used for acquisitions. Series I & II have a 5 year redemption period. Series III can be redeemed at any time. The guess is that those holders will sit back, at least for a 2-5 year period to see if we surpass 17 cents. Meanwhile, they collect 60 cents per share annually. If we don't get to or beyond 17 cents, they redeem their preferred shares. If we get past 17 cents, they convert.
It's obvious that PBLS is run by blue-collar individuals of very average intellect. That much is clear from the inept nature of the recent filings and the poor ability of PBLS management to communicate to its shareholders. However, it's not a complex business and I think they can pull it out. In other words, I'm not worried. If we are being screwed, then I don't see any way that PA and RB or anyone else can get away with it. I don't know about you guys, but I wouldn't just write off the loss of my hard earned money and pretend it never happened. If this is fraud, then they WILL be hearing from me and they will NOT win. If they do win, well . . . there are many forms of justice.
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