great post, some people are going to learn why there are such concepts as a "minority discount" when valuing private companies, which this essentially is at this point - note the corporate bylaws as well, which restrict anyone other than Calliope from being a 10%+ shareholder, regardless of the value intrinsic in this company, very little of it will be going to the current commons, also note that the reverse split does not affect non-issued stock, so the "kitty" available to give to the preferreds in exchange for their shares effectively increases, commons are in effect being diluted in this transaction.
I'll ask you the same question because I have been concerned about Calliope attempting to take control of RAM but as I read the plan for Consolidation, no existing common shareholder will be diluted. Voting rights for any shareholder greater than 9.9% will be limited to 9.9%...but I doubt there are any that large anyway. As for using non-issued stock in exchange for pfds...Calliope will be diluted with the rest of us so Tynan should be pretty miserly in issuing new shares for the PFDs...what am I missing???