Blackout Media Corp (BKMP)

[NRA Member]

Yes, they are still common shares. You just don't have the ability to trade them ON THE OPEN MARKET until they are unrestricted. That said, you can still sell them in a "private" sale, so they do still count in the O/S. They are just generally considered a "non-issue" until the restriction is lifted.

As for the reason for doing it this way - Only sandy knows. I can speculate that he just wanted a way out of the preferred thing, but I can't say that 100%. It's just my opinion (as is everything else I say).