"1. Shares sold was a private sale in order to take a tax loss for the year. 2. In accordance with the Company's Articles of Incorporation, the Class B Common Stock is convertible on a one-for-one basis with the Class A Common Stock. Upon disposition by Mr. Smulyan any shares of Class B Common Stock automatically convert into shares of Class A Common Stock."
He had 4,722,684 Class B shares after the transaction.
The fact that seventy cents per share must be less than the average cost of the shares that he sold back then hardly convinces me that paying $0.7022 for my last purchase yesterday was a bad deal.