THATS BS, SGLS is NOT Entitled to 240 MILLION of the NEW Shares, that was the PRE-RS Number. That better be RS'ed also or we know who got in Peters EAR
Penni if the SGLS shares were not converted yet Peter would be insane to do a R/S before that happens.. Are you sure the dividend is sitting in their accounts as 1 preferred instead of 100 common?