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  • acorisk acorisk Apr 27, 2012 8:22 AM Flag

    Vision details and Impact on common holders

    From the language in the shares
    ----------------------------------------------------- --------------
    The 9.9% beneficial ownership limitation does not prevent Master Fund and VCAF from selling some of their holdings and then receiving additional shares. Accordingly, each of Master Fund and VCAF could exercise and sell more than 9.9% of our common stock without ever at any one time holding more than this limit.

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    • This top up really is not that bad.
      Vision NY owns $9.9 million of Pref A's which is convertible at $2.20 or a new 4.495 million shares, then the Pref A's are extinguished.
      The Pref B's appear to equal the short position so effectively no new issuance, the shorts did it already.
      The warrants at the $3 and $4.40 exercise prices are WAY out of the money now so if Gao stands pat until October it is unlikely Vision will exercise the warrants.
      The risk for Vision and Gao is the SEC commences an investigation which may expose some dirty laundry (not saying there is any) that the parties would prefer remain quiet. The end result is we may be on hold till October but I do not think CBEH is hurting on the business front.

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