RE:RE:RE:RE:RE:RE:RE:Preferred Series 2+3 MAY be in playPreferred shares are small potatoes because they have no voting rights and cannot control the fate of the company. The Family/Insiders own the majority of Class A shares because each Class A gets 10 votes vs Class B with 1 vote.
Class B: 2,066,356,118 votes
Class A: 3,087,507,490 votes
Class A Vote Control: 59.90%
Page 7+8 of the 2019 Proxy gives a good breakdown of insider vote ownership:
Bombardier family has 80.79% (+0.75% other family) of Class A and 1.42% (+2.5% other family) of Class B. The remaining 18.46% probably some institutions own.
This means Insider through Class A have 48.84% of the vote. Class B ownership gives 1.57%. Total Insider Class A + B Vote Control: 50.41%
There may be some adjustments in certain circumstances, such as Series 4 converting into Class B or no dividend paid for 8 quarters, and separately, with Series 2+3 if no dividend is paid for 24 months they finally get a vote per share. Class A can be converted into one Class B at any time. Class Bs will be converted into Class As if the Family (Majority Holder) agrees to an acquisition of all Class As. In case of liquidiation. Or if Class A Majority holders own less than 50% of Class A, which right now they own 80.79%.
https://ir.bombardier.com/modules/misc/documents/99/96/78/80/15/Bombardier-Proxy-2019-en.pdf