Here are examples of abuses from SEC filings. Note-(b):Sold 3 shares to raise quick petty cash to pay Custer's gas credit card.
As of November 19, 1997, outstanding Preferred Stock
consisted of (a) 140,000 shares of Series A Preferred Stock with an
annual dividend rate of 6%, a redemption value of $1.00 per share, and no
right to convert into Common Stock; (b) 3 shares of Series H Preferred
Stock with an annual dividend rate of 5%, a redemption value of $25,000
per share, and the right to convert such Preferred Stock into 50,000
shares of Common Stock, at a minimum conversion price of $1.50 per share;
(c) 93 shares of Series M Preferred Stock with a 3% dividend rate, a
redemption value of $33,250 per share, and the right to convert such
Preferred Stock, as of November 19, 1997, into 8,000,000 shares of Common
Stock at a variable conversion price based upon the stock price of the
Company's common stock for a period immediately preceding the date of
conversion; and (d) 80 shares of Series N Preferred Stock with a 3%
dividend rate, a redemption value of $33,250 per share, and the right to
convert such Preferred Stock, as of November 19, 1997, into 6,881,720
shares of Common Stock at a variable conversion price based upon the
stock price of the Company's common stock for a period immediately
preceding the date of conversion |
