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Microcap & Penny Stocks : Amazon Natural (AZNT)
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To: bmart who wrote (756)8/22/1998 6:40:00 PM
From: wonk  Read Replies (2) of 26163
 
bmart:

"ALL" common stock to principals.

Yes, I read that, too. Perhaps, I am not being clear. If the company has only one class of common stock, the the rights associated with that common stock are the same for all, regardless of by whom it is held.

The PR says that the company will retire the "principals" common stock for preferred stock. It then lists other actions for other shares of, presumably, the same class of common stock.

If only one class of common stock exists, in my opinion this proposed plan is illegal on its face. One cannot, arbitrarily, favor one shareholder of the same class versus another. All shareholders of the same class of common stock must have the option to choose to convert to preferred stock.

ww
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