Note 16 - Preferred Stock

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Preferred Stock [Text Block]

16. Preferred Stock

Prior to our merger with Ryland, MP CA Homes, LLC ("MatlinPatterson") held all of the outstanding shares of Company Series B Preferred Stock and 126.4 million shares of Company common stock, which, together, represented approximately 59% of the total number of shares of Company common stock issued and outstanding on an if-converted basis. Immediately following the merger, MatlinPatterson converted all of their shares of preferred stock into 17.6 million shares of Company common stock. As of September 30, 2016, MatlinPatterson held 42.8 million shares (approximately 37%) of the Company’s outstanding common stock and no shares of preferred stock.