From the release it mentions that debt was settled with creiditors, but then follows to say that "both" groups were happy to settle for a mix of restricted and unrestricted stock. That would indicate it was 2 specific creditors.
Also, i'm not sure who mention .004 as the conversion price or where i got that number from in my last post, but $140k for 45 mill shares is .0031 a share. A 30 percent discount from current market pps and definitely explains who would be selling at .004 or better.
Just briefly attempting to guess who the 2 creditors are, I assume it would be one of these individuals who has been a past creditor and who has accepted this sort of debt for equity offer in the past.
From old information:
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In October 2002, certain shareholders elected to convert their loans into shares with interest accrued through August 31, 2002. The Company has agreed to issue shares as follows:
Name Principal and Shares Issued
Gary Boyd $140,000 principal 494,328 shares(1)
$33,015 interest
Robert Mathews $166,000 principal 570,706 shares(1)
$33,747 interest
W.C. McCaslin $100,000 principal 444,383 shares
$55,534 interest
Jack Wells $100,000 principal 439,511 shares
$53,829 interest
Henry Morris $50,000 principal 218,000 shares
$26,300 interest
Charles Wells $747,882 principal 2,390,943 shares
$88,947 interest
Garry Carlson $12,000 principal 40,705 shares
$2,247 interest
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