Not when the Board of Directors own more than 50% of shares.
My guess is they did this to screw the backers that guaranteed the Bank of America loan a year and a half ago. They screwed them from their convertables which would have given them control of company. Shareholder just plain got screwed. Just a theory.
They also could have done it to raise money selling new shares like most stinky pinkies do. Taking O/S to 27 shares should be illegal because no matter what their logic was they screwed investors.
News 
Market Data 
Discover 
