In the interests of maintaining my rep for "full-on negativity" (which incidentally has also led to me being pretty much spot on with all my predictions for BIPH so far) let me point out a couple of things about this part of the "Current Report":
"At the Company’s annual shareholder meeting on September 12, 2008, shareholders were asked to approve a proposal to amend the Company’s Articles of Incorporation to increase the number of authorized shares of common stock to 800,000,000. This proposal was adjourned until December 1, 2008 (subject for further adjournment by those attending the reconvened meeting) or such earlier date as the Company obtains sufficient votes to approve this proposal."
Will they get approval?
We are led to understand from those who attended the Special Meeting that the vote was in favor of the issuing of the extra 625 million shares, but a simple majority of outstanding shares was not received. The current adjournment is to allow them to garner the few million extra shares they need to push the vote over the top into a simple majority.
They seem pretty confident they'll get these votes, and I believe them.
Why do I believe them?
Because at the beginning of October and November, and at any point in between should they choose so to do, Mr Lanzafame and his colleagues will be issuing tens of millions of shares to their "sewer rat" friends at Iriquois. As soon as those common shares are issued they become eligible to be counted in the vote.
Given that there are currently 175 million common shares out there, and the current authorized float is 250 million, they have up to 75 million shares they can issue in order to gain that majority they claim to "need".
Guess which way these shares will be voted, before they get sold off at rock bottom prices, just as they have been for the past several months (as those recently arrived chaps who are chartologists will doubtless have spotted)?
In other words, it's not a question of "if" they get approval, it's a question of "when". That's because they can literally issue the votes they need to get a simple majority.
Does anyone seriously think that this is not what will happen?
I still don't understand why Biophan don't buy their own shares in the open market, and use those to pay off the "sewer rats", while simultaneously indicating to the loyal retail shareholders that they do believe in this company.
If we're honest, we have to admit that the current plan for MegaDilution of 357% can only benefit two groups of people - the sewer rats and those who are short of this stock.
I believe those "two" groups are actually pretty much the same, but I'm curious as to why Biophan panders to their need rather than to the need of loyal shareholders such as cyberbub0 or palacian.
There's only one reason I can think of for that.
Am I wrong, and if so, why?
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