AP remember we had a little argument about this?
Posted by: AMERICAN_PSYCHO
In reply to: None Date:11/9/2007 6:52:44 PM
Post #of 91491
Could Cornell/Highgate, the holder of Series C Convertible Preferred Stock, have indeed satisfied all convertible debentures?
From the last 8-K:
SECURITY OWNERSHIP OF BENEFICIAL OWNERSHIP AND MANAGEMENT
Upon completion of the Merger, there were 450,099,879 shares of the Company's common stock issued and outstanding. In addition, there were 1,458,236 shares of Series C Convertible Preferred Stock issued and outstanding, which could be converted into 274,491,461 common shares at the market price of $.02 1/2 on October 1, 2007. In addition, there were 100,000 shares of Series B Preferred Stock issued and outstanding, which could be converted into 80% of the outstanding common stock. The holders of the Series B Preferred Stock and the Series C Preferred Stock have voting power equivalent to the common shares into which the Preferred shares are convertible.
450,099,879 + 274,491,461 = 724,591,340
What's the current O/S? 724,591,917
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