>LFB still owns 115 preferred shares, so GTC may not eliminate the Series D preferred class
Are you sure about that? It has been a while but I was once
a preferred shareholder in a death spiral who got handed his
head by the common shareholders because I managed to euchre
them. Perhaps the point hinges on the tacit assumption of
(common) shareholder consent. It is correct, and proper,
that the rights of one class of equity cannot be unilaterally
undermined by the actions of another, but on information and
belief voting equity can indeed act en masse to reconfigure
its internal relations.
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