It reads to me that the Series B preferred, if fully converted pre-reverse split, equated to 80% of the total common outstanding. The Series B shares are forced to convert to common, and are guaranteed to own 80% of the common post split.
Does it sound like B share are insulated from reverse
If by insulated you mean they wind up with the same position after the reverse split, then I agree.
Damn Right I've Got the Blues.