Global Value Investing

[Drexion2004]

As per the A series prospectus, if they do the conversion the accumulated dividends obligation is definitely 'paid' for the A series -- Which would cause the B/C/D to be paid as well:

http://www.sedar.com/GetFile.do?lang=EN&docClass=9&issuerNo=00020539&fileName=/csfsprod/data76/filings/01053943/00000007/x%3A\Sedar\2007\YPGHold\ShortForm\final\ProEng.PDF

"Subject to the previous sentence, YPG
Holdings may, subject to applicable law and, if required, to regulatory approval, exchange all, or from time to
time any part, of the then outstanding Series 1 Shares into that number of Units or New Tradable Securities
determined (per Series 1 Share) by dividing the then applicable Redemption Price, together with all accrued and
unpaid dividends up to but excluding the date fixed for exchange, by the greater of (i) $2.00 and (ii) 95% of the
weighted average trading price of the Units or New Tradable Securities, as the case may be, on the TSX (or if
the Units or New Tradable Securities, as at the case may be, do not trade on the TSX on the date specified for
exchange, on the exchange or trading system with the greatest volume of Units or New Tradable Securities, as
the case may be, traded during the 20 day period referred to below) for the 20 consecutive trading days ending
on the fourth day prior to the date specified for exchange, or, if such fourth day is not a trading day, the
immediately preceding trading day. Fractional Units or New Tradable Securities, as the case may be, will not be
issued on any exchange of Series 1 Shares, but in lieu thereof YPG Holdings will make cash payments."

-Fernando