To: Spider Valdez who wrote (18376 ) 2/6/1999 11:27:00 AM From: tonto Read Replies (3) | Respond to of 26163
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 ---------- 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. --------------------------------------------------------------------- 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?