NO preferred shares ever issued to LGB or anyone else for that matter. Greenblatt received two million restricted common shares of CTGI in the settlement. That is, LGB is now a common share holder (albeit with restricted shares) just like most of us here. As the iBox has stated: "there are 10,000,000 authorized but undesignated preferred shares (neither issued nor outstanding)."
"On September 22, 2009 the Registrant (“CSMG”) entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with Banco Panamericano (“Banco”) and Leon A. Greenblatt, President and CEO of Banco, pursuant to which Banco assigned to Donald A. Robbins, President of CSMG, the judgment it had obtained against CSMG on December 23, 2008 in the case styled Banco Panamericano v. Consortium Service Management Group. Inc. , Case No. 07-C 15, in the Northern District of Illinois District Court, in the amount of $726,491.91 plus attorney’s fees of $474,828.46 or a total of $1,201,320.37.
Under the terms of the Settlement Agreement, CSMG transferred to Banco 2,000,000 restricted shares of its common stock, its CO2 scrubber, one patent related to the CO2 scrubber and certain other consideration."
"Preferred stock, par value $0.001 per share, 10,000,000 shares authorized and no shares issued and outstanding" Page 4 of last submitted Quarterly Report Sept. 30, 2008.
Page 44: As of September 30, 2008 and December 31, 2007, the Company had 41,668,875 and 38,018,544 shares issued and outstanding.
For the nine months ended September 30, 2008, the Company had issued the following stock:
- 755,000shares of LTC preferred shares have been subscribed to and accepted, but none of the shares were issued as of September 30, 2008.
- 830,668 shares issued in conversion of notes payable, accrued interest and discount on conversion in the amount of $519,180.
- 1,186,650 shares issued for cash in the amount of $1,027,900.
- 51,155 shares issued for conversion of warrants in the amount of $93,666 which were expensed in the nine months ended September 30, 2008.
- 114,916 shares issued to a former owner of a subsidiary of the company for its investment of $60,000 plus interest that was accrued for $43,350 (total investment $103,350).
- 195,902 shares were issued for $174,359 for services.
- 371,020 shares were issued for the purchase of CCTI valued at $434,093.
- 600,000 shares were issued to current non-principal shareholders to replace their shares that were used to collateralize a note payable of $450,000.
- 300,000 restricted shares to non-principal shareholders to replace unrestricted shares held by those shareholders. Due to timing issues, these restricted shares had not been issued to the shareholders as of September 30, 2008, therefore the Company chose to record them as treasury shares.
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