So after all the conversion, there's a total of 64.6 million out (assuming MDIN doesn't cancel their portion- Damn, got to call Larry and straighten this out!) And, after the conversion, NPEC owns 33,231,800 shares, or a little over 51% of the company. Whoever thinks NPEC got screwed, I disagree.
Now from NPEC's news, we see that they held (actually, I guess still hold) around 43% of FIRE, now just need to know how much MDIN owned. What time do the guys get in? I usually call in the evenings.
Mike K:
"Convertible at the option of the holder to common shares of the Corporation at the ratio of $0.25 for each common share divided by the purchase price of each preferred share of $1.00 each"
I agree, that's horrible usage of the English language, but it comes down to: "They can convert one share of Preferred 'A' to four shares of common." I like J.'s idea: let one of us read the damn things before you release it. I'll sign a confidentiality agreement, but these guys just need to have releases read by someone who doesn't know what the company is trying to say, and who can tell them what needs clarifying before they release it. Save us all a lot of confusion.
Geoff |
