OK, after reading this 8K, it seems that these parties, in total, now have 100,000 in preferred shares. The conversion price is .049, and a stated value of $6.26. Each preferred share is convertable to the number of shares of common stock by dividing the stated value (6.26) by the conversion price (.049) which is about 127.755. So the preferred shares can be converted into a total of 12,775,500 shares of common stock. The 8k states that each holder of preferred shares will have 10 votes for each share of common stock after conversion, which equals 127,755,000 votes. Interestingly enough, 51% of the Sanswire's current authorized shares equals 127,500,000, so these guys would have enough for a proxy vote, giving them the power to do many things....one of which is oust Kostro from the company.
Maybe I'm off base, but that's how I read it.
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