The common is the least valuable and least important among the four classes of COPI stock, and represents the smallest share of the market capitalization among them. When figuring market cap, you must count all stock that has been issued--not just the common. Since the value of the other shares is not quoted per se, we just have to guess what it's worth, based on what it last traded for, and its theoretical value if converted. But keep in mind that it is highly unlikely that it will be converted, as it is much more valuable as it is, and thus contributes even more to the market capitalization than its conversion value. Much more. The common shares represent less than a tenth of COPI's market cap, IMO, based on the numbers we have, considering that the common shares are subordinate to all the others, and pay no dividend. And the other shares are non-dilutable. Too bad you can't say that for the common. Then it would be worth as much as the others, and contribute equally per share to the market capitalization.
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