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Gold/Mining/Energy : PYNG Technologies
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To: mf160 who wrote (8095)2/21/2008 4:37:19 PM
From: Tim Rogers  Read Replies (1) of 8117
 
Is there only the 4 of us still invested and reading this board? I expected a lot more discussion on the escrow conversion proposal.

I have been contacted by Jacobs regarding the reasoning behind the conversion and asking for support.

I'm not at all opposed the the original founders, inventors and developers for being rewarded for their efforts. I doubt we would be still discussing this company today without the contributions of 3 out 4 of the current escrow holders (I know the history but Winkler is still a mystery to me). That being said, the shares owned by the current holders need to be dealt with in a final fashion. Remember escrow shares are only meant for compensation and insentive in reverse takeovers and IPOs and that is why they are give a fixed (I heard that) expiry from that transaction.

I am opposed to the distribution of escrow shares to current management and directors for 3 reasons: a share option plan is in place (having both would be like double dipping), none of the current management team and only one of the directors was involved in the founding or invention of the company and finally the escrow of these shares should have been dealt with long ago. After all the wording of the original text and the amendments was after all that the expiry of the shares could not be extended.

Cheers!
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