Replies to post #4678 on Superior Oil &Gas Company (fka SIOR)

[Arlocali01]

This is how it reads.

both parties agreed that our company could amend its Articles of Incorporation to increase its authorized capital to (i) 500 million shares of Common Stock, par value $0.001, and (ii) 100 million shares of Preferred Stock, par value $0.001, of which 10 million of the 100 million shares of Preferred Stock would be designated as Series A Voting, Convertible Preferred Stock and have as attributes (i) the right to cast 14 votes for each issued share, (ii) the right at any time to convert each share into 14 shares of Common Stock and (iii) the same rights as Common Stock in every other particular. Finally, the parties agreed that Superior’s directors should authorize the issuance of the 10 million shares of Series A Votin... etc.

I don't think that was ever changed.

I am so curious what that all means, but I listed my interpretation.

I would think he held some, 1.3 million, of those preferred shares and those were convertible to 14 shares each of common stock.

Keep in mind, they have never issued the 500 million as of the last time we checked, so it is still at the 200million.