Note 9 - Preferred Stock

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Preferred Stock [Text Block]

9.

Preferred Stock

Prior to our merger with Ryland, 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

December

31,

2016,

MatlinPatterson held

42.8

million shares (approximately

37%)

of the Company’s outstanding common stock and

no

shares of preferred stock.