I fear you're right. However, we haven't had dilution for quite some while (it is rather sad to celebrate that we aren't having 100% dilution at 2% of book anymore) and the downwards spiral of the PPS seems (...) to have ended.
It will be interesting to see how the PPS goes after the delisting. If the never-ending pressure on the PPS stops, then maybe we'll start to trade higher. We might need a PPS closer to 55 cents for the "lenders" to take fully advantage of the preferred-shares convertion.
If we do have the preferred shares convertion BEFORE the TRW-distribution (my speculation from the mixed-signals) then much of the damage done in the past will be reversed (for those of us who hasn't sold), and if they stall the distribution till after the IPO then the distribution itself will probably have a much higher effect on the PPS that otherwise (although I strongly disagree with that approach, at least give us the 12.89% or whatever it was now, and then the remaining few % can be post-IPO).
We'll probably have to wait another few years for this one to unfold.
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