As for the first part of your question, I'm not going to answer that because I don't want to be painted as a "basher" but I would encourage you to read the link I posted earlier and it will give you an idea why the company wants to issue preferred shares to accredited investors.
I think you're asking if anyone has sought out legal representation?? I think I might have a good firm for this. I'll let you know if they'd be willing to take it on. It might be a good contingency plan
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