MD do I read it right that the preferreds can only

MD do I read it right that the preferreds can only be exchanged into common shares if those common shares are in BCAP's coffin and have not been issued (or possibly bought back by MD and held in the coffin)?

Because that would mean that even the prefferreds would not dilute at all (or am I reading it wrong)

I think that this piece of news is great and I might even buy a couple more shares tomorrow.

On the other hand could we eventually also trade some of our commons for preferred shares (should we choose to?)