I would have to be the world largest moron to think that BCAP would increase the LOCKED A/S (key word...locked) due to the impossibility of increasing the LOCKED A/S that was just voted in days ago!
There is NO INCREASE in the A/S ...there is NO conversions!
"The Rights and Preferences also state the Company does not have to increase the amount of Common stock to allow for conversion from Preferred stock to Common stock and the Preferred can only be converted when and if the Company has Common stock available."
Not sure why this is so hard for some to comprehend.
The preferred shareholders can't force the company to increase the amount of common stock. The preferred shares have no voting rights until they are converted to common stock. There's no way the preferred shareholders can force an increase in the common stock. The only way preferred shareholders can convert to common shares in the next two years is if the company does a share buyback which won't change the SS.
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