IMD Companies Inc (ICBU)

[TeraDyne]

Actually this is pretty easy. Luckily the R/S is 1-5,000 and not 1-1,000 so we can figure it out. According to pinksheets, the current A/S is 700M. 700M/5000 = 140K. If the A/S was to be reduced proortionally to the O/S, then the new A/S would be 140K, not 700K. Therefore in this case it does not make sense to use the word "remain" in place of "proportionally reduce". One of two things is possible:

1) Thousand was a mistake and the A/S is actually "remaining" at 700 million. This is a worst case scenario (but most likely). Your shares are basically being devalued by a factor of 5,000. Think of it like an A/S increase to 3.5 Trillion (with the current share structure).

2) The A/S is actually being reduced to 700K. The word "remains" means that the A/S will not be altered any further after this. While this is not as bad as (A), your shares are still being devalued. Whereas a proprtional A/S decrease would yield an A/S of 140K, the new A/S is 700K, so the A/S is increasing by a factor of 5. Think of it like an A/S increase to 3.5 Billion (with the current share structure).

Either way is bad for the current PPS plus there is no evidence of a marger. But you better hope for B because the difference between B and A is probably the difference between ~.0005 and no-bid.