RD If it is a count of voting rights the basis for much of my first post evaporates. This is what makes sense in my world whereas this is not the case if it does not matter if a person owns 1,000 or 100,000 voting rights (shares). But it seems hard for me to decide which is the better alternative. One thing is that the first transfer of cash will likely involve very few verticals. There will therefore be little cash gained by choosing the first option. Thus little may be gained regarding one aspect of that option.