3. JT has turned the company over to himself under LexReal, his limited liability corporation which now, legally owns PLNI. The shares have been committed.
He had the controlling vote and was in absolute control prior to this move as majority stockholder, chairman of the board, the board and CEO. If you don't believe that, read his statement about the fact that there would be no vote of stockholders for the decision to change anything about PLNI. Court and patents and molds have no bearing on his ownership. He is now in a position to sell shares through LexReal and the scene once again becomes cloudy because of the reporting requirements (or lack there-of) of an LLC. Even if he sells all of the PLNI shares he owns personally, he will still have controlling interest through LexReal. Remember rrm, these are not my financials, they are PLNI's work. Also, Preferred stock at $1.00 par carries some kind of % dividend as well as the conversion into LexReal's controlling interest and also has priority in the event of a disolution and come before common stock. The usual order of payments in disolution is; first, secured assets with UCC's filed by the owner(creditor), then comes the secured notes payable, followed by trade payables, then unsecured liabilities, then, attorney fees, then Preferred stock and finally, common stock. This positioning allows JT to be better covered in all events, good or bad, through his ownership of LexReal.
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