I agree TDA. I am very frustrated that the company put itself in...

I agree TDA. I am very frustrated that the company put itself in this position.
Mind you A.S can't solely take the blame. I'm sure Hastings and their lawyers looked over it before the signature went on the bottom of the page.
You are almost correct with your rough maths too, works out to be an average of 26.9c US per common stock ( they are sitting on a current gain over almost 400% already).
As for your comment about much better options I couldn't agree more with you. For instance: since this deal with these sharks has been revealed I've personally pumped $125k AUD into this company. Now I understand that wouldn't keep the lights on for very long by itself but if other private (current LTSH) were offered Preferred shares at the same price, ($10k - 5% discount less the terms that got them into this mess) paying an 8% dividend with conversion set at $1 UNIS. Then I would of jumped at the opportunity and unlike those Cayman island scumbags (who mind you I secretly wish I had the ability to do what they've done) I would of been happy to receive a yearly dividend and wait for the common stock to appreciate to +$5 again before I convert. With my 125k I could of purchased 13 preferred shares in the company.
I'm sure other LTSH would of also liked the opportunity. At least then the gains would of been granted to shareholders who have helped fund this company from literally the ground up.
Disappointed in them for allowing themselves to be deceived like this, BUT....

I'm also very happy it's finalised, I'm sure AMGEN wanted them out of the picture and now this achieves that. Bring on the deal and let's turn this company into the business we all know it can be.

Alan, not sure if this will ever get back to you but please next time think about the consequences of the companies actions. I've never invested in a company in which its shareholders are as passionate about it succeeding like this one.

Only thing we can do now is put it behind us and get back to business. Hard lesson to learn.