Mezzanine Equity in the "fast forward" mode.
I previously prepared pro forma balance sheets to show the impact of the ME conversion as if it occurred earlier than 5/07/16. I just completed one for 3Q 2009.
Upon conversion, $555.9 million moves from ME to Ordinary Shares and Additional Paid-in Capital for 150 million shares. The conversion propels the $125 million in Non-Cumulative Perpetual Preferred to a more senior position. SKRRF would have 218.4 million shares outstanding. Shareholders's equity would now be $111.4 million on a pro forma basis (compared to $319.5 million deficit per the report). Book value per share would be $.51. There is some risk that the conversion value could change prior to the mandatory conversion date.
Please note that the ME has a liquidation preference of $705.1 million ($600 million par value plus $105.1 million in accrued and unpaid dividends).
[I attempted to post the table here, but it was a mess. I will add to the iBox.]
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