GNCC Capital Inc (GNCP)

[Tgarfield2]

It is exactly what they said if you combine information from different places. However you don't get there unless you read the old filing. The press release is ambiguous without knowing that information. Since most here mistakenly thought all preferred shares were going away, (and probably still do). The wording should be clearer and the current disclosures should detail the subsidiary and preferred share securing.