The Dolan Company (fka DOLNQ)

[everett7]

I think you guys are looking at it wrong - I see it as the Preferred having an absolute cap at $25, which is 12x (although try to buy any preferred and you can't, you would have to pay over $3-4 to get any significant chunk). The common on the other hand has unlimited upside - especially if certain of the Bayside claims are thrown out by the judge or if there is some sort of breach of fiduciary duty found. All of that excess goes to the common - and if the common gets an equity stake in the reorganized entity, again there is unlimited upside - common could have value of multiple dollars per share, which is 20-30x.