Colleen, thanks for calling my attention to the 8-K. I found an interesting paragraph that appears to highlight investor risk. My own spin is that Mr. Pfeffer either has great confidence in the company, or he is trapped by his investment because of MYNG's inability to pay his debentures. It might seem that only by conversion and/or concurrent or subsequent liquidation of his presently marketable shares can he recover anything from his investment in the immediately foreseeable future.
I'd be interested in comments by ITS FOR REAL, Marcos, you and anybody else regarding the following:
Currently GEII does not have the funds necessary to pay these debentures when due. GEII will have to raise additional capital in order to pay the Convertible Debenture when due, or negotiate an extension of the obligations unless Mr. Pfeffer converts it into shares of Common Stock. Inasmuch as the GEII's Common Stock has traded in the range of $0.045 to $0.30 for more than the past year, and has recently been trading at prices above $0.24, it is possible that Mr. Pfeffer will convert some or all of the Convertible Debenture should the prices remain sufficiently high. The risk that such a conversion may occur creates a significant overhang in the public market for GEII's Common Stock and this overhang may negatively affect GEII Common Stock's market price or trading volume. Furthermore, should Mr. Pfeffer convert the entire Convertible Debenture, he will own approximately 1/3rd of the outstanding GEII Common Stock and will be the single largest holder of GEII Common Stock.
Unless and until Mr. Pfeffer converts the Convertible Debenture into Common Stock, Mr. Pfeffer will not have voting rights or other rights commonly associated with the ownership of Common Stock. In addition to the Convertible Debenture, Mr. Pfeffer owns 15,889,583 shares of GEII's Common Stock. Mr. Pfeffer does have voting and other rights attributable to those shares.
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