Bayport International Holdings Inc. (BAYP)

[Lochan]

"With this acquisition, Bayport Corporation has obtained the controlling interest in the company."

I'm not at all familiar with how the share structure changes in a RM. In this case, does Bayport acquire a controlling interest in the company by a transfer of ownership of the 2,000,000 preferred shares which have 1000:1 voting rights compared to common shares? Or will the private owners of Bayport be issued common shares that will equal 51% of all outstanding shares? Or is their controlling interest represented in some other way. Anybody know for sure? TIA