This is obviously all that matters now and hopefully will happen soon. ( from report)
Additional prospective debt-for-equity exchanges are being assessed, as well as potential external capital sources that the Corporation continues to pursue. Given Capitol's current precariously-low equity levels, the inability to successfully access these potential new capital resources would threaten the Corporation's ability to continue as a going concern.
I looked through the earnings and the pref conversion would be the easiest and fastest route to recapitalize the company, but not an absolute neccesity. Mich Commerce and AZ Sunrise earnings improved $20M Q over Q and over $30M from 3rd Q to 1st Q. Which means that if this trend continues into the 2nd Q earnings of this year, then both of the banks will show a profit in the 2nd Q earnings report. I need to look at the 10-Q filing for more details, which should come out later on today. From just calculating the trend and Q over Q earning improvements, we are looking at a $3-5M profit in 2nd Q earnings, without any further conversion or capital infusions.