No sir. Not debatable. He who owns 5% of the common of a fully reporting company is a control shareholder and is subject to leak out provisions. That is precisely why every toxic investor has explicit language that they will not own more than 4.99999% of a fully reporting company. It doesn't matter if you have a Series A P R Q and U, the 5% common shareholder is a control shareholder for Rule 144 purposes.
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