As to the prospectus the liquidation preference was $25. Not $10. As I read the prospectus.
And in my opinion the preferred stock should be redeemed in full, as to the prospectus in regard to change of controle. With $ 25 and outstanding interest.
Especially in regard to the time of issue 1. quarter 2013, and the then knowledge of the company's financial situation. And no one knows if the Lender was the mastermind behind the issuing of the preferred stock, this late in the comp. financial struggle.
As I wrote earlier, it's either an ill fait issuing, and thus a criminal offence, or at least a full redemption if the BC is in some form, to grant the filed restructering plan from the lenders.
