It wouldn't equate to $2.5M if the a/s were raised to accomodate it, which would be necessary for them to even be considered anything more than the right to cast 625M votes.
In the unlikely event the a/s were raised, his preferreds would only equal slightly more than one half of the current marketcap. At present, that would equal approx. $1.157M.
But yeah, theoretically, it does look like he made a nice switcheroo, debt for shares.
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