Sure do, and I know that preferreds turn to commons. One cannot value a company based upon pre merger shares.
Shell holders own 10% current commons as an example and the preferreds make up 90% of the other portion. They can convert to commons, 1 to 1 or 1 to 1,000 as examples. They get better treatment than the commons. My guess would be shell holders get 1 common in the new company and the TDS side gets preferred shares most likely convertible in to 10 shares common per 1 preferred.
So in the case here would you value the company at 24m commons or 240m commons + preferred? I know what big does to value it.
And your thoughts on revenues for the company to make either amount at $1.50 a bargain?
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