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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna -- Ignore unavailable to you. Want to Upgrade?

To: MorningLightMountain who wrote (27386)	8/12/2012 3:34:56 PM
From: flptrnkng	Read Replies (3) \| Respond to of 53574

so that we can increase preferred stock so that I can maintain control. What no one is talking about is Old Honest JB wrote himself a tasty liquidation preference into the preferred shares. The Whales were smart enough to make him change that, otherwise, I think you can guess JB's endgame for JBII. Liquidation Preference. Upon the liquidation, dissolution and winding up of the Corporation, whether voluntary or involuntary, the holders of the Series A Super Voting Preferred Stock then outstanding shall be entitled to receive out of the assets of the Corporation, whether from capital or from earnings available for distribution to its stockholders, before any amount shall be paid to the holders of common stock, eight times that sum available for distribution to common stock holders. How do you like him now?