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The Rainmaker

01/08/11 11:39 AM

#22118 RE: Welsh_Dragon #22113

That's the most devious part of their plan here to screw shareholders.

Preferred shares don't get reverse split just your common shares.

Commons become 2.9 million shares after the reverse split. It's in their filing and can't be disputed.

So after the reverse split
Commons 2.9 million
Preferred 160,600,000 shares after conversions.
Total shares O/S after R/S 163,500,000

Shareholders 2.9 million shares equal 1.7% of 163.5 million shares O/S.

On December 10, 2010, the Board of Directors of the Company approved a 1:50 reverse stock split, thereby approving that each 50 shares of common stock issued and outstanding will be exchange for one share of common stock of the Company. The number of outstanding shares of the Company’s common stock was decreased from 149,610,679 to 2,992,214 shares