Pay attention as promoter "milo3"
attempts to defend the fraudulent change of terms of a convertible preferred structure by the scam company 141 Capital, Inc. (ONCP).
First, scam company ONCP announced the terms of a conversion of common stock to preferred stock of ONCP and allowed ONCP common stockholders to decide whether they wanted to convert to the preferred stock.
The preferred stock was structured as a convetible security, convertible back into common stock. Once stockholders converted into preferred stock, ONCP fraudulentlhy changed the terms of the preferred stock by reverse splitting the preferred shares by a significant amount upon the conversion forcing the stockholders to take a big hit on the number of common shares that they would receive upon the conversion.
You might remember that this "milo3" character is the same promoter that has been defending scam companies SLJB and LBWR and is part of the "Stock Promoter - Scam Company Matrix" (http://snipurl.com/kqtfr
).http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38984454Posted by: milo3 Date: Tuesday, June 23, 2009 6:07:37 PM
In reply to: nicehit who wrote msg# 14064 Post #14069 of 14070
nicehit, I'm not saying what management did is fair. Fair would have been to do what it stated in their conversion offer without adding to it after the deal. However, things unforeseen to management occurred that caused - in their best opinion - the absolute necessity to attach an addendum (RS of convert' prefered) to their stated offer.
I don't like what happened either. I converted 65% of my xxis and had 35% RS that subsequently fit nicely into a thimble. Fortunately I bought more oncp after the xxis RS and sold recently near the top. I'm still in the hole thousands of dollars. You can bet I don't like it !
What's done is done....and gone. I'm focused on the future with a better understanding of the management team's weaknesses and strengths. ____________________________________________