Replies to post #277087 on Blackout Media Corp (BKMP)

[Lantz]

There is not supposed to be any pref shares. Holders of prefered shares had to convert to common shares or loose them. I am not sure if the converted shares are restricted or not but I believe that they are no longer prefered. Webby made a puzzling statement about the prefereds that I wish he would clarify though.

[Dakota Dad]

Pocketchange, just a comment for you... I am including this comment from Lantz:
"There is not supposed to be any pref shares. Holders of prefered shares had to convert to common shares or loose them. I am not sure if the converted shares are restricted or not but I believe that they are no longer prefered. Webby made a puzzling statement about the prefereds that I wish he would clarify though."

Any R/S would effect ALL common shares, converted or not. Common shares that came as a result of preferred conversion are restricted as far as sales are concerned but everything else that effects the common effects the converted too. They are NOT "preferred" common.

Re: preferred: To my understanding, the preferred shares were declared "worthless" if you didn't convert them... BUT, it is also my understanding they have NOT been declared non-existent. (They were actually worthless before conversion too because you couldn't trade them.) Mine are still in my account. I take Webby's comment as saying that something could be done with them if "the company" decided to. Preferred shares could also be R/Sed, but it would not be automatic just because the common were R/Sed.

[captbly]

If someone converted their Preferred shares they got Restricted stock. Not Preferred shares. I asked the same question, but it was said that the Restricted would be treated the same as the common stock, so they would be R/S also.

If BKMPP is still alive I dont know if that would be split, because it has its own CUSP, so wouldnt they would be split when the common/restricted are. I for one hope the Divy is still alive.

[Zorax]

This is an opinion only and not toward the poster...
"Question: If BKMP did a reverse split, would the R/S also effect the preferred shares?!?"
*** What preferred shares? Do you mean bkmpp.pk that never settled in my Scottrade account. All year all I've had is what the brokers call a token ... L994## or something like that. Not tradable. Never. The same 'GIFT' that allegedly cost, um 1,500 per million reducted from billion common shares conversion? The other name for this is Reverse/split but with the added bonus that Winick could conceivably generate cash from NOTHING-(outside whatever small processing fees). Which the conversion is interesting in that when I contacted Scottrade by phone just before the deadline (Deadline- supposed to mean NO GOOD ANYMORE! - but no one's sure) Scottrade told me I don't own any preferred bkmpp because it wasn't delivered, it's not settled in account and I can't trade a token that doesn't have a market stock symbol. Which begs the question .. WHAT was converted and why wouldn't Scottrade let me convert? And how could some people convert with other brokers and I couldn't ***

" that if not, is it possible that a R/S may be the only means by which to make this company profitable, screwing all of us"
*** Yes, all us common shareholders will be screwed, nothing new there. Sub penny companies do reverse splits to make the CEO's and insiders profitable... There is not much proof that R/S improves companies in the Pinks/Gray, except when the new name and issue gives insiders, CEO's the chance to sell off before we retail traders even see the new name settled in our accounts to trade it, by that time it's sub penny again.

", with the except of those that converted their preferred?" I've forgotten just what the converted stock was.. restricted? common unrestricted? I don't think that was very clearly reported. Also, try and find documented proof other than a bkmp pr that shares were converted.