Suzman: To fully understand the preferred convertible you must read four different SEC filings...but here is the excerpt:
B. Limitation on Number of Common Shares to be Issued. Notwithstanding anything to the contrary contained herein, if, at any time, the aggregate number of shares of Common Stock then issued upon conversion of the Preferred Stock equals
3,479,641 shares, subject to adjustments for stock dividends, stock splits, combinations or similar events, the Preferred Stock shall, from that time forward, cease to be convertible into Common Stock in accordance with the terms of Article IV,
Now...the preferred holders may convert to common (as a practical matter) after December 21...the company may redeem the preferred for cash at March '01...the maximum number of common shares available for preferred conversion is 3.48 million shares...there is also an over-all ownership cap on the preferred holders...and many other things...
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