if they announce an rm first, then the share structure will have to remain as it currently stands. the time to change the share structure is now, if they indeed intend to change it. this is why I have asked that people refer to the articles of organization. the sec doesn't allow companies to just change things after the fact. a reverse split requires no changes to the share structure, so if what you are saying is true, then it would mean that a RS is very likely. your idea that "Delfin common stock being replaced with preferred shares" I assume you are talking about the group of investors in Delfin, that put money in as listed on the form D's? Ranbir has about 20 million in this thing, and the others at least 4 mil a piece. Preferred shares are usually locked up for a period of time, so now on top of having to put out millions of dollars they are supposed to now have their original seed money locked up for another extended period? sorry, makes no sense, sounds like a complete misunderstanding of what preferred shares are, this is why the big oil money will win here, and there will likely be a buyout, no need for an rm, the shell goes back to Egan
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