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Skystar Bio Pharmaceutical Company Message Board

  • iq180plus iq180plus Jul 4, 2009 8:57 PM Flag

    What's the F'n story on the 2million of preferred shares

    I've spend 40 fn minites looking at the notes to financial stament in the latest q10 and couldn't find anything. I hate this kind of s-h-i-t were you have to pluogh through the pages of q10 and still can't find such material crap.
    Anyone know the deal on the 2 mill preferreds?

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    • gorillagorilla Jul 5, 2009 4:57 AM Flag

      You need to look in the 10-K.

      To me it reads that these are *invalid* over weight voting shares that were issued prior to the reverse takeover.

      The 10-K claims that they were improperly issued:

      "Because no certificate of designation was filed with the Nevada Secretary of State prior to the issuance of 2,000,000 shares of our series “A” preferred stock, these shares do not have terms and are deemed invalidly issued under Nevada corporate law."

      If Mr Evans want to press a claim he has gone past the statute of limitations of Navada.

      What do other people think?


      10-K Section

      The invalid issuance of our series “A” preferred stock may subject us to certain claim by the holder of series “A” preferred shares as well as indemnification obligations to the directors who authorized the issuance.

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