Blackout Media Corp (BKMP)

[jester_1us]

We can assume something else. Sandy owns more than 51% of BKMP. (Otherwise the other shareholders would have fired him by now) He was in control of 83% when it was FCDH. Who knows what his share is after the CD conversion, but I will still stick with >51%.
With that we can assume that he won't be paying for the conversion of his PFDs. For that matter I would doubt that the CD holder will be comped for the conversion of whatever shares they are holding.
This could mean two things:
1. Sandy isn't going to make nearly the $26mil on the conversion fees. If only 5% got converted by the rest of us that's still $1.3 mil.
2. If Sandy and the CD holder get converted for free there will still be billions in dilution. If this happens the theory about dilution being offset by added capital goes out the window. It's just plain dilution.