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Follow on Google News | TAXS.OB, ONXX, CRWEWallstreet.com Stock Report on July.26TaxMasters, Inc. (OTCBB- TAXS.OB) has filed a Current Report on Form 8-K on Wednesday, July 7, 2010 to announce that Patrick Cox, its founder, CEO and majority shareholder, voluntarily entered into a Financial Reorganization Agreement
By: Hanson During that time, Mr. Cox has waived his right to vote the escrowed shares and he has also waived his right to receive any dividends or other distributions by TaxMasters with respect to the escrowed shares. As a result of Mr. Cox’s voluntary escrow of shares, there are now 139,676,105 shares of common stock that can be voted or can receive dividends or other distributions. The 139,676,105 shares will also be the number of shares used to calculate earnings per share for TaxMasters financial statements. After each fiscal year during the five years that Mr. Cox’s shares are being held in escrow, Mr. Cox may claw back a portion of the escrowed shares based on a formula linked to the financial performance of TaxMasters. Any shares Mr. Cox does not claw back prior to June 30, 2015 will be turned over to the Company for cancellation. As a result of the Financial Reorganization Agreement, shareholders will have an increased voting power in their stock. For example, a shareholder owning 1,000,000 shares of TaxMasters common stock will have an increase of the voting power of such stock from 0.3% of the voting power to 0.7% of the voting power. More about TAXS at: http://www.txmstr.com Keep TAXS on your watch list, and be ready for possible pop! ****************************** Onyx Pharmaceuticals Inc. (NasdaqGS: ONXX) on Monday reported positive clinical trial results for its cancer drug candidate, saying it worked for some multiple myeloma patients who have seen other therapies fail. Onyx tested carfilzomib on 266 patients in the mid-stage clinical trial. Each of the patients had multiple myeloma, a cancer of the blood, and all of them had been treated with at least two previous regimens. Onyx said 36 percent of the patients saw tumors shrink, and 24 percent had at least a partial response to the drug, meaning their tumors shrank at least 30 percent. The median response lasted 7.4 months, the company said. In premarket trading, Onyx shares climbed $2.80, or 13 percent, to $24.30. Shares of ONXX increased $3.87 (+18.00%), up to $25.37 in midday trading market, today! More about ONXX at: http://www.onyx- Sign Up For Free Stock Alerts At http://crwewallstreet.com/ ************************************************************ THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!Disclaimer: End
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