That is NOT all there is to it. Where in the filing does it say the preferred shares are going to Dr. Victor? There are MANY reasons to increase the preferred. Preferred shares are voting shares. They have a higher claim on assets and earnings. A large investor or partner would be issued preferred shares NOT common shares. This has NOTHING to do with Dr. Victor or control of the company.
Sorry but the a/s number has to include the common and preferred together. The a/s should be 2.5 billion if the company has 1.5 billion common and 1 billion preferred like you say but it doesnt say that on the NVSOS. Sorry but I just can't agree with this.... LJ
Lol! More misinterpretation than confusion and some differences of opinion. I think it needs to be mentioned that the company bylaws state that any material event has to be unanimously approved by all board members. Therefor any increase in preferred shares and also the use of them has to be approved by the board.
Interesting to note that prior to todays filing the Dr. had 51% voting power (still everything has to be unanimously approved by the bod) and as of today has 51% voting power....so nothing has changed.
Why the sudden emphasis on something that is old news?
But in case there is still "confusion", it should be emphasized that the A/S is still 1.5 billion--not 2.5 as misreported. The preferred shares are 1million and if and when converted to common shares at a 10:1 ratio, they will come from the current 1.5 A/S---not added to the A/S but rather subtracted from the 1.5 bil.
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