Not sure what you mean. Every 10 shares is $33/sha

Not sure what you mean. Every 10 shares is $33/share, so $330 and you get 1 warrant, good for 2 years with exercise price of $15 on GNBT (not preferred). They will pay a 13% dividend on the $330, which is guaranteed for the first 3 years, so you get back 39% of your investment in dividends. Now if GNBT uses the proceed properly and increases the value of GNBT, then all the shares we own of that will go up significantly. So it can be a very GOOD investment. I would have liked to see a 1:1 ratio on the warrants too. I mean, what does it really cost GNBT? They issue 1M GNBTP and warrants for 1M GNBT with exercise of $15. What is an extra 900K shares of potential dilution over the next 2 years when the stock price runs over $15 (otherwise the warrants won't be exercised anyway).

Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.