Alf: Liben 444M would have wiped out none of YA shares.
Depending on the transaction, the beneficially owned shares don't have to be converted. So if you buy the 5B limited voting scenario, Liben took in-kind shares with potentially no voting power just before the votable shares were counted.
Alf: It seems all these new voting theories are agreeing with your statement that YA "plans on not controlling the vote." They put their $45M into your hands.
My count is based no such assumption. My count is only using the direct wording from the proxy.
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