The Village People have finally played their hands.
A proposal to get rid of the preference shares with a partial cash payment and a IMO a worthless note.
The $1.25 face value offer is about equal to the current price of a common share, but I doubt that the note would trade at face value.
It also ignores the skipped dividend for last year.
In any event, small individual shareholders will not get to decide anything with the majority of the shares held by institutions.
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