the warrant cannot be sold back or executed, this will hurt the 20.1% common share base
Selling it back doesn't hurt the 20.1%. In fact it restores it back to 100%, at least before the inevitable secondary offering.
20.1% is not some magic number, either. I don't see how dilution to that point is fine but anything more isn't.
either they pay common shareholders damages, and prefs missed dividend, or they cannot move forward
I disagree. Ending the NWS and extinguishing the seniors should be enough to get all the lawsuits dropped. There is enough to gain for the plaintiffs without holding out for these damages.
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