Deals with the problems that arose while converting deferred shares into ordinary shares for simplifying the corporate capital structure. The best legal, accounting and technical brains were engaged in resolving this problem. A firm stand had been taken by deferred and equity shareholders and they were to present their case before an arbitrator to protect their respective interests. The case highlights the strengths and weaknesses of the different approaches to share valuation. A lively discussion can be had if the class is divided into two groups identifying themselves with the deferred and the equity shareholders.