Monday, July 04, 2011 4:42:43 AM
In my personal experience as manager of a company owned by pref shareholders, but with ordinaries as well, I'm not whether the real market value for KK is in the prefs. As I understand it the prefs remain valued at par on redemption, in which case there would be no value for KK other than the par value of those shares. If so, then the real future value for KK, in tandem with the rest of us, is in the ordinaries. Hence our interests are aligned. And if I'm correct then I would anticipate a conversion of the prefs to ordinaries (assuming such a mechanism exists). Let me know if you think I'm way off base here.
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