Yes you are right about the pref C for Cobs. Yes, the deal was done, and Cobs was listed as an income-producing asset and a division of CBAY. But according to roger, they decided to sever their ties with Cobs and allow them to become a separate company independent of Cal-Bay. Sounds fishy, yes? But as I mentioned,
..."and that few if any (other than Cobs Homes Preferred C) have actually been converted..."
that is likely the only restricted shares retired (the C shares). That still leaves the B shares. And we don't know what happened to the A shares which were held by roger.
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