Any pref stock?-see my previous post
on the stock structure.
Preferred went from 6M to 24M in 2014 as exec compensation. Never mind the side dish of SG&A expense. And who knows how much common stock management awarded themselves.
The preferred is set up as super-voting shares. Each shr gets 1000 votes. Or 2.4B votes against a current A/S of 700M. Plenty of room to grow into the A/S without worrying about losing majority control. They have another 1M authorized. The conversion rate is 1:1. So it's very unlikely they will ever convert, and sell the preferred.
Given BAYP is as transparent as mud, who knows, management might have already dreamed up a mega conversion preferred by now.
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