Preferred A'sI've been reading the original NR regarding the Preferred A shares. From what I can determine, starting next March the company has the option of paying out the sharholsers at $25 a share (as if) or issuing common shares in exchange, which would mean receiving about 85 common shares for each preferred share at todays price.
Starting in January, 2013, the preferred A shareholders have the option of cashing in their shares at $25 a share. The company probably could not afford to do this unless they have paid down the 500MM$ in debt which would mean the issuing of common shares is the more logical path forward for the company. Either way, won't the preferred A shareholders get $25 worth of value for each share, plus a 30% dividend in the meantime at the current price?
What am I missing as this seems too good to be true?