Dem Franchise, what I understood from Brian's video is that the A/S was already 7 billion and what he did was "discovering" that number.
If your assumption is correct (shares were sold above the legal A/S limit) then still he was supposed to raise the A/S to legalize the shares held by the shareholders or too many shareholders who bought after the date when the A/S was reached could find the shares in their hands illegal and should be discarded.
However, if your assumption is correct, the question would be where did the money of these illegal shares (if any) went (about 3.4 billion shares sold around 0.0004 = approx. $1,36 million). It's either still in the company or went to the previous management who in this case should return that illegal money to BBDA and in both cases that money is better to be directed to buying back shares then the A/S should be reduced to avoid the possible 2 billion dilution.
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Posted by: Dem Franchise Boyz Date: Friday, June 19, 2009 3:58:44 PM
In reply to: Jdub33328 who wrote msg# 75143 Post # of 75145
im sorry but there is no way Brain hasnt known share structure for a long while...if illegal shares were printed without his knowledge he could file leagl action instead of raising a/s......he knew shares were printed during his first CC but he avoided telling anyone SS for another month while he allowed thsoe new shares to hit market...this is not rocket science!!
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