RE: RE: RE: Dividends on pref1(As) and 2(Bs) They can become the lowest order debt if left unconverted but right now they are equity. Just as a grape can become wine if left to ferment, but you will never get stoned on a grape. If Telleir and the BOD are so stupid as to create a monetary debt where only a common share obligation existed then he really does take the prize right out of Diamonds hands.