$BCAP new float will be 1.18B with no Preferred and a 75% shareholder vote requirement on issuing new Preferred. I believe we'll see the new Board in a matter of weeks.
"...Baron has not issued a single share of Common or Preferred since January of 2012 and currently has no plans or need to increase either the Authorized or the Outstanding share count.
Once the new Board is created a plan will be presented to eliminate the Preferred without converting any of the Preferred stock, but will entail the Company buying some of the Preferred and buying back half of the current float over a period of time...."
"...Baron plans to expand its Board and has had discussions with two potential members along with additional staff to ensure the Company has the ability to maximize returns on its investments. At this same time with an expanded Board in place, a method shall be effected to cancel the remaining Preferred shares and remove all series of Preferred shares from the Article of Incorporation. A special provision shall be added to the Bylaws mandating that no less than 75% of the Outstanding Common stock must vote to approve any new Preferred Series, and must vote to approve the Rights and Preferences of the Preferred...."
Once the new Board is created a plan will be presented to eliminate the Preferred without converting any of the Preferred stock, but will entail the Company buying some of the Preferred and buying back half of the current float over a period of time.
It's says a plan will be presented. Not that a plan will happen.
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