Your probably right I made a similar argument before I read the filings when it was first announced.But they will have the authority do it very soon. I for one don't want to be holding a ton of shares when they announce one and I have to fight everyone else to get out before the carnage. The authority expires next July so when they drew it up I would guess they had in their mind of doing it well before that. The company could have proposed a split where the conversion rate for B shares was adjusted down to compensate for the split but they decided not to that, which proves to me share holder value means nothing to them but enriching themselves does. So if you want to trust a BOD like that that is your choice but I won't.
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