You should always read the footnotes. They explain that the filer is prohibited from having more than 9.9 percent, so for purposes of the form this is the percentage that they own. However, they list many more shares than this 9.9 percent, because they could convert their series A, B, and C shares to common. In total, that would be 11M. But can they convert them all at once? No. Why not? Because then they'd have more than the 9.9% They have to convert some, sell some, and then convert more.
Bottom line is that it is totally wrong to do this calculation in hopes of getting the O/S: 11M/0.099. The O/S is a good deal smaller than this according to the footnote.
Please check it out and let me know if you are reading it the same way I am.
Thanks.
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