American Energy Production Inc(fka AENP)

[tharmon51]

sillyunclekarl

Yes, if the R/S passes, he can convert his preferred into 10,500,000 common shares. However, there is no further multiple. They stay 10,500,000 common shares and his current common shares are split 1/25 to 113,754 shares, so 10,613,754 new shares and not 263 million shares if the R/S passes. The 35% is his 10,613,754 new shares of the about 29 million outstanding new shares.

"So, after the R/S passes, CB can convert his preferred into common, and then his liquidation rights will be the same as common."
As I understand it, he would be in line with the rest of us for a proportionate share of any remaining assets.