I quickly perused the financing prospectus wondering why the...

I quickly perused the financing prospectus wondering why the Vulture Fund hadnt converted all its 750 Class A's.

If I read it correctly, there is a conversion issuance limitation of 4.99% of total outstanding stock. Although this can rise to 9.99% if the Vulture Fund advises the company in writing in "not less than 61 days".

So, they received 7,261,642 new shares last night.

(7,261,642/(7,261,642+139,000,000) = 4.96%

Thank christ they cant convert anymore until after the outcome of the strategic transaction.