1933 Industries Inc C.TGIF

Debenture Amendment Terms Inadequate

[Lire02]

Debentureholders will consider the following amendments ("Debenture Amendments"):

1. To amend the conversion price applicable to the Debentures from $0.10 to $0.075 per share;
2. To reduce the price per share for interest payments on the Debentures from $0.10 to $0.075 per share;
3. To amend the price at which the Company may require a forced conversion of the Debentures from $0.15 to $0.10 per share, such conversion to be made at the amended Conversion Price of $0.075 per share;
4. To extend the maturity date for the Debentures from September 14, 2022 to September 14, 2023

 

SUGGESTIONS:

1)conversion price should be amended to $.05 per share given the recent trading level of those shares.

2)price applied to shares as payment of interest be reduced to $0.05
   IN ADDITION, THE COMPANY SHOULD PAY ALL PAST DUE INTEREST PAYMENTS TO SEPT 21,2022 ON SEPT 21,2022 IF ONLY AS A GESTURE OF GOOD FAITH .

3)COMPANY CAN REDUCE PRICE OF FORCED CONVERSION TO $0.075 AT AMENDED CONVERSION PRICE OF $O.O5

4)IF THE ABOVE CONDITIONS MET, DEBENTURE HOLDERS SHOULD ALLOW THE REQUESTED ONE YEAR MATURITY EXTENSION.

THE COMPANY SHOULD ALSO DO WHATEVER IT CAN TO FACILITATE A VENUE WHERE DEBENTURE HOLDERS CAN
ACTUALLY COMMUNICATE WITH EACH OTHER TO CONFIRM 
THAT THEY HAVE HAD AN OPPORTUNITY TO DISCUSS THIS SUBJECT. AS IT STANDS, THE COMPANY CONTROLS THE CONVERSATION AND IS MAKING ALL THE PROPOSALS. DEB 
HOLDERS ARE FORCED TO CONSIDER ONLY COMPANY PROPOSALS....NOT A REASONABLE BARGAINING POSITION TO START FROM !

ANY OTHER DEBENTURE HOLDERS OUT THERE WITH SUGGESTIONS?

 

[theTransporter]

I would NOT entertain a $0.075 conversion price.  I would vote NO.  If they were to perform a cash raise, no way it would be at $0.075 and instead be at $0.05.  This is an insult to debenture holders. I would consider $0.05 conversion for one year max extension but would like to see what Q3 revenues are.  I like the idea of getting paid all interst owed to date in cash

[Lire02]

I do suggest that any debenture holders that oppose the offered terms and would like the company to upgrade them somewhat, vote against the proposal AND VOTE AS EARLY AS POSSIBLE so that the company and debenture holders can try to come up with more amenable terms prior to the June 9 meeting. Can anyone out there explain to me why the company's offered terms would be considered acceptable? I

[theTransporter]

Where do we have to vote?  I haven't recieved any package in the mail yet. Definetely a NO from me.  They would not attempt to raise cash today at $0.075 as there is no chance anyone would participate at that price, so why do they think debenture holders would even entertain this?   At the current performance of the stock, and lack of any material revenue growth from the

[Lire02]

Thank you, Transporter, for clarity on the minimum price to issue stock which was changed from 5 cents to 1 cent in specified circumstances in 2020. I would agree with your 3 cent level assuming the shares keep trading at 2.5 cents.  I wonder if other Convertible Debenture holders have not received the material from the company facilitating their vote?  If  Debs held at your broker

[Lire02]

re Board Recommends Acceptance of proposed changes to debentures; The Board is clearly acting in the best interests of the company, and the company shareholders, NOT OF THE DEBENTURE HOLDERS who would be screwing themselves if they accept the suggested changes. I recommend that Debenture holders vote against the proposals and meet with the company at the June 9th Extraordinary Meeting to hammer

[Lire02]

Hi Transporter Did you ever get the materials explaining how to vote on the Debenture proposals?