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Monday, June 11, 2012 7:31:24 PM
Still need answers about the preferred conversion rate. If it remained at 400, the common shares are an insignificant part of the company.
I've never received a response from ML so if one of you who do correspond with him could ask, it's a critical question for everyone.
At 5 billion shares O/S (prior to the R/S), 400 million shares (assuming both A and B preferreds convert at 400 to 1), the preferred controlled less than 10% of the common. If the conversion rate did not change, then Mark really set himself and his family up nicely and screwed the common shareholder.
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