You speak but you say nothing.
Try again...as the predicate for your posting is missing. What's the basis for your saying "...the methods used to issue them were misleading?"
What methods?
What was misleading about these methods?
Mays didn't convert them because management figured out a better way for them to create the dilution they needed at the point in time when they took over.
Their goal was to get control of the stock float and issue Decrees of Consent and run this company by fiat. Get it Hal?
I guessing Mays looked at the preferreds, saw the convert ratio and thought it would be a quick way to create the dilution he wanted, but for whatever reasons of mechanics and convenience decided not to issue the remaining preferreds into friendly buyers' hands, and instead decided to over dilute the commons.
And, NO, I was not a consultant to Keith or anyone at CVIA about the preferreds. It was strictly one of Keith's ideas, and at the time made sense in order to prove that he was serious about rehabilitating CVIA as a real company and investment.
