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Mandatory conversionMandatory conversionPosted Mar 18, 2004 18:45 UTC (Thu) by jwb (subscriber, #15467)In reply to: Mandatory conversion by corbet Parent article: SCO Update From SCOX 10-Q filing, emphasis added: The value of the Series A is classified outside of permanent equity because of certain redemption features that are outside the control of the Company. The previous holders of the Series A Preferred Stock have been converted, as of February 5 2004, to holders of Series A-1 Preferred Stock. They now have voting rights and seats on the board, which means the holders of Series A-1 can vote to force the company's hand on the cash conversion.
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Mandatory conversion Posted Mar 18, 2004 19:10 UTC (Thu) by jwb (subscriber, #15467) [Link] I should also note that the Optional Redemption trigger point for Series A-1 shares has been moved up to 20 days closing below $10.50.
Mandatory conversion Posted Mar 18, 2004 20:53 UTC (Thu) by error27 (subscriber, #8346) [Link] I'm not very familiar with how all this works...How does the voting work? Yarro and Canopy together have 11 out of 14.3 million SCOX shares. Wouldn't their votes automatically out vote everyone else?
Mandatory conversion Posted Mar 18, 2004 21:31 UTC (Thu) by jwb (subscriber, #15467) [Link] The Series A/A-1 Preferred shares are worth $1000 per share and have commensurately larger power. The common stock is owned by Yarro et. al.
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