This company is banking on people are to stupid to realize they are being screeewwwed! They in effect with this corporate action stole the company from us.
Momentum is right about the terrible threes as the conversion took place before we even knew that the threes even existed.
There is a ray of hope though........
PBLS management and their use of the board of directors to maintain control created the threes. When The Komex deal was proposed , Riley and Pomuto also did not know about the threes. They had not yet been revealed through the Pink Sheets disclosure. The preferred threes in effect took away all chance of Riley and Pulmuto acquiring enough shares to take over control of PBLS and the s**t hit the fan.
The preferred threes were put in place tp prevent a takeover and it appears they did just that. Unfortunately the result is the collapse of the common pps and the ensuing mess that still needs to be untangled.
The bright side..........
Management had enough control to create and then quell a possible takeover. They also have enough control to fix the wrongs and put the company back on track. It would mean reversing the preferred three conversion and becoming more careful and diligent to keep the wolf away from the door. Becoming fully reporting and more conservative with company money would be a good first step.
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