It just keeps getting better and better. A few major shareholders were consulted about this deal while the rest of us peons were left in the dark. We sell out 51% of our company through a brand new diluting share issuance and to add insult to injury, 187 million convertible preferred shares are issued. I'd love to know the terms on these preferred shares (besides the 2-year conversion option). First payout, of course. 11 cents per share. Our scrap value was probably twice that last fall (before we burnt up our cash sitting idle for 6 months waiting for this blockbuster "financing" deal).
And here we are sitting in the complete dark with the most recent set of financial figures from the company dating back to SEPTEMBER 2008.
My fellow shareholders, we've been screwed and tatooed. We own nothing.
Am I justified in being critical now?
I need a drink.