justthefacts, this is a very good question. I believe there is something that is not legal in this process and that is called discrimination within the same class. In this case, it is the common shareholder.
I do not believe one can elect to save a class of stock to satisfy the requirement while canceling out part of the same class which again is the common shareholder.
I believe the entire class of common stockholders has to be treated equally and by saying Eddie being the largest common stockholder is good while canceling out the rest runs afoul of Bk laws, I believe.
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