POWERS JAMES M JR 4
4 · ILINC COMMUNICATIONS INC · Filed Aug 17, 2005
Insider Transaction Report
Form 4
POWERS JAMES M JR
DirectorChairman, Pres. & CEO
Transactions
- Purchase
iLinc Common Stock
2005-08-16$0.26/sh+96,154$25,000→ 96,154 total
Footnotes (1)
- [F1]Shares are being issued in exchange for the cancellation debt arising from the investment of James M. Powers, Jr. and his spouse, Laura G. Powers, in the Company's private placement in February 2002 in the form of two of the Company's 12% convertible redeemable subordinated notes in the amount of $25,000 each. The notes had been issued in March of 2002 and under their terms, principal was due in 2012, with interest payable quarterly at the rate of 12% until maturity. The notes were exchanged for common stock using the fixed price of $0.26 per share. Mrs. Powers' shares are held in Laura G. Powers IRA.