i dont have PM so i can't reply to you but they as the AMC cult. Most Retail have to think if this conversion/ split is not dilution for AMC then what is it. the article says AA will need to increase AMC share to match APE for conversion. using APE for AMC dilution sounds more like it. AA just need to sugar coat it with a "split" so Retail dont see the real reason behind it so that all they see is that they getting free shares.