I have rethought the prior post:
Consider this.
INSQ owners
You all have been screwed already.
Veridium holders are you next. The below applies but the difference is 70% not 80%
As for today's action
BEND OVER
From the 8K:
ITEM 5.03 AMENDMENT TO THE ARTICLES OF INCORPORATION
On May 5, 2006 Inseq filed with the Delaware Secretary of State a Certificate of Designation of 1,000,000 shares of Series D Preferred Stock.
The holders of the Series D Preferred Stock have the following rights:
* The Series D Preferred shares may be converted by the holder into common stock. The conversion ratio is such that the full 1,000,000 shares will convert into common shares representing 80% of the Inseq common shares outstanding after the conversion.
* The holder of Series D Preferred Stock may cast the number of votes at a shareholders meeting or by written consent that equals the number of common shares into which the Preferred Stock is convertible on the record date for the shareholder action.
* In the event the Board of Directors declares a dividend payable to common shareholders, the holders of Series D Preferred Stock will receive the dividend that would be payable if the Series D shares were converted into common shares.
* In the event of a liquidation of Inseq, the holders of Series D shares will receive a preferential distribution of $.001 per share, and will then share in the distribution as if the Series D shares had been converted into common shares.
BEND OVER AGAIN
From the S8
REOFFER PROSPECTUS
INSEQ CORPORATION
600,000,000 Shares of Common Stock
The shares are being offered by persons who are officers, directors or otherwise control persons of Inseq Corporation (read that Kevin Kreisler). They acquired the shares from Inseq, either as the recipients of grants of stock or by exercising stock options issued to them by Inseq.
The selling shareholders intend to sell the shares into the public market from time to time. The shareholders will negotiate with the market makers for Inseq common stock to determine the prices for each sale. They expect each sale price to be near to the market price at the time of the sale.
Inseq common stock is listed for trading on the OTC Bulletin Board under the trading symbol "INSQ.OB."
Do the math.
Greenshift turned 3,000,000,000 shares into an 80% stake in INSQ (1,000,000 shares of Preferred Series D stock).
There were 4,948,173,844 shares outstanding before this swap 80% of 4,948,173,844 is 3,958,539,075. Kevin our dear CEO only turned in 3,000,000,000 shares and only claimed an 80% ownership of Inseq before this crime.
Kevin dear young son then authorized 600,000,000 shares more to the fully diluted count which was 1.948,173,844 shares outstanding, 600,000,000 shares more authorized and which will be sold. that equals 2,548,173,844 shares fully diluted for the 20% public portion of Inseq stock. Add in the conversion quantity for the 1,000,000 shares of Preferred D and you get 15,289,043,064 yep, old (34) Kevin has screwed every stockholder in Inseq by a bunch. The shares outstanding is in this case a worthless figure. We own 2,548,173,844 or will after Kevin gives his buddies the 600,000,000 shares. Greenshift and Kevin own 12,740,869,220.
Do you really think Inseq deserves a market cap of $90,205,354.08?
Feel like you just bent over?
Do your own due Diligence, and recheck my math. |
