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Microcap & Penny Stocks : Amazon Natural (AZNT)
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To: Janice Shell who wrote (23746)9/1/1999 10:40:00 AM
From: Q.  Read Replies (1) of 26163
 
I looked in the k: it appears that the common shares owned by insiders were converted into preferred stock that has a value of only $0.001 per share indicated in the balance sheet. If so, this drastically reduced the market cap of the company and slashed the value of the insiders holdings. I really don't understand why the insiders would want to do that.

There were also several million other shares belonging to third parties that were cancelled. See the next post.

The preferred stock is described in the k as "voting only." While I didn't find a description of how many votes a share of preferred stock has, it does say that the insiders have control of the company, including the ability to elect the directors, through their votes of the preferred stock.
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