It is in BEPPA's interest to get as much dilution as possible.
IF 100% of SPARCS got converted to BBI, BEPPA has one less class of "preferred" shareholder to compete with in a liquidation scenario. All those SPARCS holders (who currently rank equally with BEPPA in a wind up) will be one step down the food chain once they convert. For this very reason I think the conversion rate will be low.
max conversion good for beppa?, page-9
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