Replies to post #22879 on Universal Energy Corp (UVSE)

[SAMadMoney]

Read the bold they have 60 days to hold the meeting after doing an Authorized Share Failure, to complete the debentures of the CD. Hence they increase with no warning. They have the 60 days to hold the meeting and update us on everything and to get correct documentation for the approval of the increase.


Debentures and exercise of the Warrants at least a number of shares of Common Stock equal to the Required Reserve Amount (an "Authorized Share Failure"), then the Company shall immediately take all action necessary to increase the Company's authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Notes and Warrants then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock.

[brodyterrier]

Did anyone attend the stockholders meeting called to authorize more shares? Someone on one of these boards said that although the meeting was called to authorize a lower number of shares a simple motion was made to increase to a higher number. Apparantly once a meeting is called anything can be voted on regardless of what the meeting was originally called for.

[eddy2]

I don't care if they increased the authorized shares and give them all away I just don't want them to go to the pinks cause then you don't know were you stand. I hate that when companies do that hidding behind the pink sheets vail thats dirty when they do that as if it cost that much to produce paper work for the SEC.

I'm finnished venting.