RE:RE:A watershed moment for all shareholders Treetop2,
I can understand your points and won't argue them, but still, I will respectfully disagree with your conclusion.
I believe that the preferred shareholders sealed their fate many years ago when they voted to accept a non-cummulative dividend combined with a declining conversion ratio. If I remember correctly, most of these preferred shares are held by former creditors who received them in a reorganization. It is hard to say how they will vote--I doubt if they are very informed. Certainly, in the past, they have accepted some rather poor amendments which predictably decreased the preferred share price. I suspect that most of them do not read the bullboards, like we do. At least this, if approved, should see the market value of their holdings actually increase for a change.
Maybe I am being a too generous, using terms like "good faith", after everything that has transpired; however, despite your legitimate concerns, I stand by my opinion that this is a turn in the right direction, and I still intend to support it.
In your opinion, what would be an acceptable price (to you) that you think management would be prepared to pay?