The difference in the old Class B Preferreds and the newly issued Class E Preferreds are only found in the fine print of the Conversion preferences. I have copied them below , for your viewing pleasure.
Before this change ,On December 31, 2008 , Class B Preferreds were to be locked into a 4 to 1 conversion based on the current O/S of the common shares.
In the new E class preferreds , that clause has been removed.
Summary: The deadline of Dec, 31 , 2008 was only 8 months away and Tom would've had to lock into his 80% (4 to 1) based on the current outstanding commons , Therefore , any further dilution would've negatively effected his percentage of ownership! So by making this little change , he can continue to dilute till his heart is content and it will NEVER effect his 80% ownership rights!
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From 2008 10KSB: NEW
SERIES E PREFERRED STOCK
Conversion
Shares of Series E Preferred Stock may, at any time, at the option of the holder, be converted into fully paid and nonassessable shares of Common Stock. The number of shares of Common Stock to which a holder of Series E Preferred Stock shall be entitled upon the Conversion shall equal the sum of (a) the product obtained by (A) multiplying the number of Fully-Diluted Common Shares by four (4), then (B) multiplying the result by a fraction, the numerator of which will be the number of shares of Series E Preferred Stock being converted and the denominator of which will be the number of issued and outstanding shares of Series E Preferred Stock, less (b) the number of shares of Common Stock beneficially owned by the holder prior to the Conversion, including Common Stock issuable on conversion of any convertible securities beneficially owned by the holder. The term "Fully-Diluted Common Shares" means the sum of the outstanding Common Stock plus all shares of Common Stock that would be outstanding if all securities that could be converted into Common Stock without additional consideration were converted on the Conversion Date, but shall not include Common Stock issuable on conversion of the Series E Preferred Stock.
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From 2007 10KSB: OLD
SERIES B PREFERRED STOCK
Conversion:
Shares of Series B Preferred Stock may, at any time, at the option of the holder, be converted into fully paid and nonassessable shares of Common Stock. If the date of a conversion is on or prior to December 31, 2008, then the number of shares of Common Stock to which a holder of Series B Preferred Stock shall be entitled upon the Conversion shall equal the sum of (a) the product obtained by
(A) multiplying the number of Fully-Diluted Common Shares by four (4), then (B)
multiplying the result by a fraction, the numerator of which will be the number of shares of Series B Preferred Stock being converted and the denominator of which will be the number of issued and outstanding shares of Series B Preferred Stock, less (b) the number of shares of Common Stock beneficially owned by the holder prior to the Conversion, including Common Stock issuable on conversion of any convertible securities beneficially owned by the holder. If the Conversion Date is after December 31, 2008, then the number of shares of Common Stock to which a holder of Series B Preferred Stock shall be entitled upon a Conversion shall equal the number to which it would have been entitled if the Conversion occurred on December 31, 2008. The term "Fully-Diluted Common Shares" means the sum of the outstanding Common Stock plus all shares of Common Stock that would be outstanding if all securities that could be converted into Common Stock without additional consideration were converted on the Conversion Date, but shall not include Common Stock issuable on conversion of the Series B Preferred Stock.
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