Another point, they are taking over the management not ownership- even if they convert 100% of their preferred shares they still only control 2.5% of the common shares. Mahoney is and will continue to be the largest owner of IVOI (soon to be Hydra) shares
Plus they absolutely need to keep 51% of the voting shares otherwise they will get fired
They R/S the common they must R/S the preferred also- not in their interests and Mahoney won't R/S ; not in his interests
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