TAP Real Estate Technologies Inc (RWAX)

[ListenToTheTrees]

While your assertion that the Pref B issuances were in the money "all the way down" may appear convincing on the surface, it overlooks key nuances about the actual value of those conversions and their impact on the company as a whole.

First, while you claim that the value assigned to the Pref B issuances in terms of the common stock equivalent is "almost all profit" upon conversion, this doesn’t necessarily translate to "insider enrichment" in any meaningful way. The Pref B holders did not have the same risks or exposure to volatility as common shareholders. So, the question isn’t whether the conversions were profitable at the time of issuance, but what the equity structure was at the time of the private investment. Your reliance on a raw $50 million figure as the total value of conversions doesn’t account for the potential dilutive effects or the full context of how those conversions fit into the broader financing and business strategy prior to the public company. Without a deeper analysis of the timing, terms, and overall dilution, this number could easily misrepresent the actual benefit to Bshare holders.

Also, suggesting that anyone can "do the math themselves" and dismissing the need for detailed analysis is a bit disingenuous. The complexities involved in calculating the true economic impact of such conversions go beyond simple math. It requires an understanding of the full capital structure, the timing of the conversions, and the company's financial trajectory.