You bring up a good point, but along those lines, another point is the Leonard family owns no common stock. Stock they could partially sell if tytan gets moving as a reward.
Frankly, to fully align himself with shareholders, he should own some common.
Lastly, management should not have prefs that convert into more than 55-60% of the company.
Interesting how the impact of the conversion ratio changed significantly with the R/S. With 5.2 billion shares out, 400 million (converting 1 million preferred shares for 400 common shares), amounted to about 8% of the company. Now with 36 million common shares, the preferreds are over 90% of the company - unless when Mark said that ALL shares would be modified, it included the preferred shares.
It wasn't an issue before simply because of that change.
Sunnybank - can't PM you back but see posts 82010 and 82011 by you and jojo.
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