Jon,
Maybe it is off base maybe not. Can you please explain the following from ESVS 8-K. Specifically item number (c) where it talks about the "1998 Newly Authorize stock being converted to common stock.
Thxs in advance for your comments.
CWIII
(a) COMMON STOCK. 1,131,474 shares are issued and outstanding as of the
date hereof and 283,973 shares are reserved for issuance on exercise of
outstanding options;
(b) 8.6% PREFERRED. 8.6% Cumulative Preferred Stock ("8.6% Preferred")
of which 15,000 shares are authorized and 8,000 shares are outstanding
on the date hereof; and
(c) 1998 PREFERRED. The newly authorized 1998 Preferred Stock
(previously defined as the "1998 Preferred Stock") consisting of
1,000,000 shares, par value $3.00, to be issued in connection with the
transactions contemplated hereby and which shares shall be convertible,
solely at the option of ENHANCED into shares of Enhanced Common Stock on
the basis of 2.772 shares of Common Stock for each one share of 1998
Preferred Stock, subject to adjustment in the event of any stock splits,
stock dividend, reclassifications or other capital transactions, as
applicable, and only after receipt of stockholder approval at a meeting
duly called for such purposes, for which proxy materials are provided to
each stockholder in accordance with the NASDAQ Rules and the
requirements of the Securities & Exchange Commission (the "SEC").
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