It was a fun day. I keep thinking that I will not add any more shares but I went down to my brokers office with some cashiers checks and added more to my son's account and added some more to my own account.
When the release came out noting that some shareholders would have the opportunity to turn their common shares into preferred, which shareholders was MPIX referring to?
I assume it was the ZZYX boys and others close to them. As I wrote in a previous post, I believe it would be a great idea to offer common shareholders an opportunity to convert a percentage of their common shares into preferred shares. The company could create a Class C non-voting series for the everyday shareholders to participate while having the same conversion rate as the Class B and the same dividend. The company could have a short window where shareholders could decide to convert up to a certain percentage of their shares to the new preferred Class C. As there are relatively few shareholders (and many of those holding millions of shares), the company could greatly reduce the number of common shares which would greatly increase earnings per share which in turn will dramatically affect the share price in a very good way.
Both the B and C preferred shares could also trade once any restriction (if any) was removed. Harold and others - I would appreciate your thoughts on this.