Series E preferred stock is vastly different than the other Preferred series within ARNH. Series E were PURCHASED by select individuals whereby there is a defined conversion plan to commons along with detailed terms and conditions. The other classes of preferred shares, such as H series, were given out with no conversion plan, no backbone and no details. In my opinion these preferred shares are worthless. It is almost as if ARNH handed them out as a way to say sorry for all the dilution - of course they are a joke. But not the series E - they are valid. Again one share of preferred series E, purchased at $2.50, converts to 100,000 shares of common shares which means they acquire commons at .000025. I wouldn't touch one share of commons until ARNH negotiates with Series E share holders to repurchases these shares.
My opinion as always,
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