SWK PARENT CLEANING UP STOCK
Trey Resources, the parent of Sage reseller SWK Technology, has retired 650 million shares Class A Common Stock which "Stock which were previously issued to various professionals and consultants." That translates as paying bills with shares. To give some idea of the value, a statement from CEO Mark Meller said that represented 7.5 percent of the outstanding class shares, living 8.054 billion shares outstanding.
You got the picture. Meller said cleaning up the company's capital structure could include morel stock retirements, stock buy-backs and private placements. Meller also noted he recent made a loan to "facilitate payment" to YA Global, which holds company debt. The note has no conversion features for the issuance of more shares.
