Returning to AZNT discussion...
From the 10Q:
State the number of shares outstanding of each of the registrants classes of common stock, as of the latest practicable date.
September 30, 1998
Common Voting Stock 65,817,615
On November 10, 1998, the Company cancelled the following shares of Common issued to the Principals (and related parties) and exchanged them for preferred voting only shares:
Name Number of Shares Exchanged
Michael A. Sylver 17,169,813
Gary Sylver 1,999,000
Morris Sylver 10,000,000
Darral Sylver 152,000
Phillip Sylver 152,000
Robert S. Qualey 5,222,000
Domingos Loricchio 7,110,000
Domingos Loricchio Jr. 5,500,000
Denise Loricchio 3,000,000
Roc and Sherri Pucci JT Ten 1,814,300
Allan Sylver 305,000
Benita Sylver 371,000
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Total Shares Exchanged 52,795,113
The aforementioned common shares were cancelled in exchange for preferred voting only shares for the reason that the Principals of the Corporation, as previously arranged in early 1998, wished to decrease the number of outstanding common shares seeing that the Principals have no intention of selling any of their shares.
The deduction of these 52,795,113 from the total outstanding shares leaves a total of outstanding common stock at 13,022,502.
The Company has initiated legal action in the federal courts in the seeking the cancellation of another 9,740,000 shares of common stock.
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Preferred come before common...
If dividends are initiated, which class will be better treated?
If they are not selling, how does it affect trading? The same amount of other common shares continue to be available to trade...
Does anyone understand how this strategy benefits the public shareholder?
What do people know about these preferred shares? |
