Again, not the point being raised. The issue is not raising the A/S to 6.4 billion. The issue is the reasoning this company gave for doing it in the letter Jon Leonard wrote. If for some reason they are not following standard accounting procedures and those preferred shares that became common were not already in the O/S, they just immediately diluted the shares by 1.379 billion shares.
However, if they are following standard accounting then those new common shares and the increase in A/S means there is about 3.279 billion NEW common shares that can be sold/introduced.
So which one is it? 1.379 billion immediate dilution and .521 billion left for raising capital? Or is it 1.9 billion for new capital, with the chance of 3.279 billion NEW common shares?
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