Even if a Preferrd block, the O/S needs to have enough shares set aside to cover if those ever converted.
Kind of torn what is the best way. Whether in the OS or locked away in treasury.
It's just good to have them locked away and the temptation is not there to sell.
To sell, he would need a Board Resolute to convert.
However, it makes his block easy to sell in a total Company buy out and not take Commons with him. He can sell half the O/S as a Preferrd block, transfer control and Commons see nothing.
I'm in one @275mm O/S where the CEO owns 112mm shares. We've been begging for him to do this.
I hope LGBS hits a major run the rest of the week.
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