Glenn - you may be right or you may be wrong and common will be entitled to 20% of the fully diluted market value in the end. It is possible that the SPS and Liquidation Preference will be voided as a separation of powers remedy and you need to acknowledge that possibility. You can assess a low probability to the voiding of the Liquidation Preference but you are being disingenuous if you dont - especially because you seem to want to impress everyone with your apparent good intentions in letting common shareholders know the risk of extreme dilution.