IMO, the ace BLTA holds is the 25 preferred shares

IMO, the ace BLTA holds is the 25 preferred shares valued at $500,000 a piece.

Link: https://appext20.dos.ny.gov/corp_public/CORPS...lts_page=0

These shares, from what I can tell from financials, are not tied to common shares (other class of preferrreds is linked to commons at conversion rate of 3 commons to 1 per financials). This is a good starting place because its separate from the common shares so they don't need to touch the common shares to issue those at the price they want. Remember preferred shares get increased income in place of giving up their right to vote and can have their own dividend or income policy and give benefits to these shareholders over common share investors.

Per accounting education website:

Quote:

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Preferred stock is a class of corporate shares that are separate from common stock and have specific rights that aren’t available to common shareholders. You can think of a preferred share as a premium or priority share that the company issues to senior investors. These shares come with special rights that give these senior investors preferred status over the common shareholders.

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http://www.myaccountingcourse.com/accounting-...rred-stock

It would make sense for BLTA to offer an attractive yield to compensate for the risk involved and offer those shares to raise capital for the plane. Based on what I posted on lease rates, that preferred share class can take care of a lease in the beginning at least.

all IMO.

The fault-finder will find faults even in paradise. -Henry David Thoreau