It is good to see that the regulars here have become patient. I hope our "major" investor remains patient too. While the investor has seen the stock drop well below .20 "he" still receives a good dividend and so long as he feels it can be paid there is less reason to convert to common shares and try to recover most of his original investment. If he tried to unload twenty percent of the shares he would own upon conversion our pps would not likely remain above .10

This is all based on common sense and my understanding of the agreement and how the investor would part ways if the stock looked like a losing bet.