As found in old CBAY PRs and ihub posts, roger liked to use Preferred restricted shares both for collateral and for purchases. These restricted shares could in the future be converted into regular shares at a rate set forth in the purchase agreements. How many of these Preferred restricted shares are there still outstanding? Assuming roger's cc in Feb. 2007 was correct and that few if any (other than Cobs Homes Preferred C) have actually been converted, I would guess there are about 130 million shares. Of that amount, there are probably some Pref share holders that tossed those certs as worthless by now, and just took the loss. But we don't know the conversion rates of those that do still exist. Also, if there is a new CEO, would he honor them? I'm sure that roger never intended to.
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