Wild guesses - we are all making them
Mike - I think you are correct in that common has a value of $4 and then $10 tops.
Has to do with the 80% (warrants will convert)
At $5, that is 1/5th of $25. Maybe commons are worth that, given the LARGE market share and CONTINUATION of business model and C-SHIP ending and GOVT NOT using their OTHER $25B in sr. pfd to convert into the pool of common.
That is a lot of "ifs" for me.
Commons will run wild if the news comes out mega positive, and could go over $5 while pfds go up 100% (only).
I think you are looking at the end game. If the end-game (c-ship) is soon, we will be much better.
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