CAPITAL STOCK

12 Months Ended

Jun. 30, 2012

Equity [Abstract]

CAPITAL STOCK

NOTE 4 - CAPITAL STOCK

Capital stock authorized, issued, and outstanding as of June 30, 2012 is as follows:

	Shares
			Issued and
	Authorized		Outstanding
Prior Cumulative Preferred Stock, $5 par value:
6% Convertible		240,000
Series A				100,000
Series B				100,000
Cumulative Preferred Stock, $20 par value:
5% Convertible		150,000
Series A				58,533
Series B				9,539
	Shares
			Issued and
	Authorized		Outstanding
Common Stock, $1 par value:
Reserved for conversion of
Preferred Stock - 1,030,166 shares		2,000,000		969,834

Cumulative Preferred Stock dividends in arrears at June 30, 2012 and 2011 totaled $7,436,518 and $7,308,446, respectively. Total dividends in arrears, on a per share basis, consist of the following at June 30, 2012 and 2011:

	2012		2011
6% Convertible
Series A	$	16.05	$	15.75
Series B	$	15.60	$	15.30
5% Convertible
Series A	$	62.75	$	61.75
Series B	$	62.75	$	61.75

The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 a share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. Cumulative preferred stock may be exchanged for common stock at the option of the shareholders in the ratio of 4 common shares for one share of Series A and 3.75 common shares for one share of Series B.

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of preferred.