Sinbob,

I would demand at least enough in combination preferred shares and regular shares so that I could outvote the "family". I would demand the right to name, or at least approve the naming of a new President. I would demand at least 2 seats on the board of directors. I would demand the resignation of at least 2 of the family board members. That is the minimum just to get involved.

Assuming that these investors are good people, all of the above would benefit all of us. The part that will be hard on all of us is the monetary agreement. They could demand 51% ownership. Or they could demand a royalty of some sort. (We already have royalties out the ears.) Probably the least dilution to all of us would be some sort of note or a new level of preferred stock that pays interest to the investors. I don't know, but I would want a lot.

PQ's problem is that the longer it goes without an agreement, the less leverage he has. There is a great financing wave about to flow over his head if something isn't done really soon. If these people walk away, the next group, if there are any, probably aren't going to be very nice.

Calfarmer