Mr Sandler, who will be paid with Wachovia shares, called that "a bunch of garbage".
Mr Ackman has shorted its shares, calling the firm a "pyramid scheme" (a charge Herbalife denies).
Thomas Goggins, a manager of the John Hancock Financial Services Fund, which owns Merrill shares, called the earnings report disappointing.
Two-thirds of a company's equity can be in the form of non-voting preference shares, called PNs.
With a lifting of restrictions on foreign shares, called the "ring fence," foreign ownership is now allowed to be as high as 49.9percentt.
Instead, Genzyme plans to distribute, in a tax-free dividend to its shareholders, shares called Genzyme Molecular Oncology.
Parker and Thiel also came up with a special class of shares, called Series FF, to help cash-strapped entrepreneurs.
If this is the case, the investor is willing to have the underlying shares called from him at $18.00 each.
Having shares called after 25 days at a break above the strike price would still leave the investor rewarded handsomely.
New Flyer's shares (called "income deposit securities") trade on the Toronto Exchange and on the Pink Sheets here.
