My O/S estimate stands at 800M for valuation purposes and assumes full dilution of the preferred C.
Tom holds the B shares to avoid a hostile takeover and control the board. I don't belive there is any intention of converting them. Otherwise the C holders and option holders (Wisebuys and Hacketts respectively) would never have signed up to the deal. Tom also has ~ 500k shares of C.
Also the conversion on the C is $4/share, so the dilution depends on market value at the time of conversion.