Don't know particulars of when the preferreds can be issued-I hope you are right. When the group from Utah tried to get a shareholders meeting about a decade ago, he declared them enemies of the company. I'm sure Ed will feel any effort to Remove him as hostile.
Maybe cooler heads will prevail. One would hope the board realizes the current plan isn't working and would be ready for change.
I'm sure Ed will look out for his best interests---which may not necessarily be in the best interests of common shareholders.