Then why not just DO a 2:1 forward split? It isn't that; it's plain vanilla dilution. A forward split isn't, because all the new shares are distributed on the same day. At the moment of the split, the share price isn't affected. It's merely halved, in the case of a 2:1.
What Pearl proposes--having utterly screwed up her two previous efforts--is different. People will convert at different moments, so the o/s of the underlying will change constantly. And, I might add, unless Pearl tells us about it, we won't know what the o/s is at any given time.
I'm also inclined to wonder whether she'll really allow immediate conversion and free-trading status. Some preferred stock becomes 144 stock upon conversion.
When asked if any of her relatives or business partners had ever been convicted of criminal acts, she was pretty evasive, wasn't she?
