The holders also get six common shares for each $1,000 bond that is exchanged.

"We believe the preferred holders are getting all they are entitled to," he said.

In recent decades, the holders of these offices have occasionally got along, but the current bickering is more typical.

Each holder will get one new share while keeping his old, voting share.

So holders of the traditional shares will get a slight premium, less than 1 percent, in the combination.

And holders usually do not get to vote.

They pay no interest but the holder gets the $1,000 of the face value at maturity.

That way, even if the bond's market value goes down in the meantime, holders will get the face amount back at maturity.

That means holders will get that amount for every put they return.

In the bankruptcy, the holders of the old common stock got 1.08 new warrants for each 100 shares they had held.