Pilgrim Petroleum Corp. (PGPM)

[downsideup]

Not much in it that is new, but there is one tidbit that adds yet another variable to the mix.

The number of shares outstanding now suggests that there must have been a conversion of the preferred to common, which would bump the outstanding in common by 10,000,000 shares.

If that is good or bad for PGPM holders will depend, in part, on the price at which conversion occurred... another price plateau variable to consider?

Otherwise, if that has occurred, I generally find it a net benefit to eliminate divisions of interests between different classes of shares and divisions of interests between different groups of shareholders. It would be more impressive were the class of preferred shares eliminated in conjunction with the elimination of the preferred holdings.