That is correct, and it will most likely remain that way unless one disgruntled pref A holder decides to cash in and walk away.
As it stands, they can issue an infinite number of commons and not dilute themselves, so why convert?
Now, if I were Bill, and got pissed off, I'd wait for the company to get the pump primed and working overtime before converting. After all, 3 billion shares at higher prices is a lot of cash, so why not wait and maximize the return? Heck, maybe he'll wait for the next rs and another major pump job before converting....
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