Yes, he is. The common gets nothing. The only reason he owned that much common was due to a specific Colorado State Law which excluded the convertible holders from voting on a change to the articles. He needed that many common to ram through the resolution which ultimately made the common shares worthless and enriched the preferred holders (which he controls a much greater percentage of than the common).
Salas is not stupid, nor is he a charity. The preferred shares are mostly (but not all) owned by the fund which he manages. Those preferred shares are owed far more than the $44 million paid for the company. If he were to divert the funds rightfully owned to the preferred holders to the 16 million common, he would not only be sued by the other preferred holders as diverting funds owed to them to his pocket, he would also likely be breaking several laws in that regard.
This isn't a charity. It is business. Common shareholders are not entitled to anything, and it is not conceivable that Salas will decide to become a charity and screw over the preferred holders in order to give the common holders a gift to which they are not entitled.
