SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Mafia Stock Mobsta's Social Club (Bulls Board)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: creede who wrote (4455)6/22/2006 9:54:51 PM
From: guilium1  Read Replies (2) of 6687
 
We do know from the filings that the Series B Preferred shares Turek now has, have the 'option to be converted into "restricted shares' (pg. 4, footnote 2) [I of course assume into common shares, but not positive].

What we also know is that 1,000,000 Series B Preferred shares where for forgiveness of ~$5.8 MM, so they have either a par value of ~$5.80 or some type of conversion ratio into common stock. Again, without the AOI I can't figure that out. I have seen preferred shares work both ways, either at a higher par value [sometimes with dividends paid out] or convertible into common shares at an appropriate conversion rate.

Now what I am can't remember the answer to: if preferred shares are converted into common shares, do the un-issued common shares get eaten up? I think that is true but I can't find that crumb in the back of my brain.

t
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News