Mud, what's your opinion of the disposition of the 'preferred shares'. In the latest filing on otcmarkets.com:
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Shares Authorized Common Stock: 3,500,000,000
Shares Authorized Common Stock: 3,500,000,000
Shares Outstanding: 3,417,417,549
Float: 2,295,374,724 shares.
Preferred Shares 1,000,000 total 500,000 do not need to be converted for 5000:1 voting rights
Number of shareholders of record: 187
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It's not clear from the above, but indicates the Preferred do not have to be converted for voting rights, at 5,000:1. So holders of Preferred Shares get to vote at 5,000:1 without converting the shares to common shares.
My question is, if they are converted to common shares (not necessarily for voting rights, but for sake of conversion), what is the conversion rate...is it the same 5,000:1? Then considering Bill owns 500,000 preferred and others own the other 500,000 preferred, in total they amount to 5-billion shares (5,000:1 x 1,000,000 preferred). Does anyone know if they have been converted? I guess we will find out in the next filing?
Also, does the A/S have to be increased in order for the preferred to be converted or is that an automatic since the preferred were already dispensed (as it is listed in the filing along with its conversion rate) with the 5,000:1 conversion rate?
Questions, questions... who will give the answers?
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