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Toxic Avenger

05/19/11 6:09 PM

#59336 RE: xangon #59335

The reverse split wasn't to "get out the small players", it was to issue more shares. 15 times more in fact.
On 11/15/10 they executed that reverse split, taking the OS from around 500 million (the A/S) to less than 33 million (1/15th).
Per the latest Q (the T/A is gagged) "As of March 15, 2011, the number of shares outstanding of the registrant’s common stock, $0.001 par value, was 190,384,990."

That's a 575% increase in 4.5 months.

On top of that (and to enable it to take place), there was a third preferred series created, "C" which was convertible to common AND had super voting powers (15 votes for every common equivalent I believe).

I'm afraid the only one with millionaire potential here is Mr. Kenny, who owns tens of millions of common shares and the majority of the preferred C shares as well.