PFD Holdings gains control. Each share of the Company’s common stock and each share of the Company’s Series D Cumulative Preferred Stock (the Series D Preferred Stock) will be cancelled without consideration. It is PFD Holdings’ intention that, if the Merger is approved, it will elect to cancel the shares of Preferred Stock that it owns in lieu of accepting the merger consideration by contributing such shares of Preferred Stock to a newly formed subsidiary, which subsidiary will then be contributed to the Company immediately prior to the Merger in exchange for newly issued shares of Company common stock. If such election is made, such shares of Preferred Stock will, immediately prior to the Merger, be cancelled without payment of any consideration to PFD Holdings, other than the issuance of shares of common stock. I wonder if PFD gets a better deal in the end. We will have to wait to see the financial statements.