The problem with your scenario, New Manager, is that you don't have enough information from the legal entity. It's clear you can ignore the Common stock owners (six trusts, none of which holds more than 25%, even if the Common stockholders have ALL the equity of Company II). Preferred stockholders may or may not have equity interest, or they may, as a group, have only X% of the equity. Without knowing what the Preferred stock arrangement is, you can't answer the question. So you need the legal entity to come up with the answer.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8