"wishful thinking at best. if they intended to convert, they would have done so by now. tellier also thought the 'new' shares would trade by oct 31."

 

Dah, what do you think the recap is about?  It's the conversion, the consolidation, the debt reduction, and more.  I contend they have announced their intention but will follow through along the lines of ServoTech's post without invalidating the recap.  The benefit of the recap is the warrants on the conversion to common to repalce the dividends and provide a sweetner.  No recap, no warrants.  B's will get converted too.

 

It makes it more complicated, but it will be done.  A's will NOT get a payout.  JMHO...