We set up a small team to meet with his folks and two weeks later we had an agreement to sell him convertible preferred stock at 9.25%.

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It got convertible preferred stock in the combined company and took two of seven board seats, 32.7% of voting rights, and an option to convert its holdings into 32.7% of Solo Cup common.

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Earlier this year, there were 3.25 million shares outstanding and 1.4 million preferred shares convertible into common stock on a one-for-one basis.

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Teco's new 9.5% preferred is mandatorily convertible into common stock on Jan. 15, 2005.

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