Replies to post #46969 on Phoenix Associates Land Syndicate (fka PBLSQ)

[Whirligig]

Ren,

Regarding the reverse split question....... I believe you are right about the preferred share count being tied to the common share count. Past increases have been possible because of the link between common and preferred and the unwillingness of management go through the process to change the structure.

At least that was the reasoning given for increasing the authorized share count in the past.......

[sawdin]

Ren,

Once again, great work. I don't mean to be negative, but I do feel it appropriate to mention one other possibility:

If a RS did occur (and thus the preferred were treated similarly to the commons) there is nothing to prevent the BOD's from re-authorizing additional preferred shares.

I am not claiming that an RS is going to occur (and I sincerely hope that one never does occur) nor am I claiming that if one does that the BOD would then issue new preferred shares. I am just stating that there are ways to make preferred shareholders 'whole again' if the BOD's deemed that to be in the best interest of the 'company'.

Again, thanks for all of your effort!

GLTA

PS.... My guess is that you would hope (as would I) that 'pressure' would be applied (or a new BOD be in place at such time) that the above mentioned scenario is implausible. As noted by many, we are gambling ;)