Optex Systems Holdings Inc. (OPXS)

[littlefish]

You are ignoring note 4 though I think (I'd have to relook), I did not. Oh, in that year we have to look at note 10 too (ratchet provision)

After glancing at it I believe that % U reference was based on predilution numbers before ratchet so if that predilution (approx 146 mill) had been the share count Arland still woulda been a 5% plus holder.

But note 10 accounts for why Arland got dropped in 2012 since the preferreds conversion price dropped to $0.01 with the ratchet provision. Looks like Arland lost out.

They also show the full share count assuming the dilution of almost 700 mill shares from ratchet of preferreds. At that point clearly Arland falls off.

Thx for the clarification, that shows me why they were still listed in the 2011 10K (apparently to provide clarity of the effects after taking into account the preferreds conversion to $0.01) but not in the 2012.

All IMO only.