I know that most of the time I don't agree (haven't agreed) with ST's method of responding on this board or on RB......but, if the preferred's were as you say, they should have been cancelled shortly after the 'new crew' took over the board room. Since they were not cancelled, the shareholders - and the investment community - should only believe that they are valid...and should be recognized and issues.
Sorry Willy, but on this one, it is my opinion that the shares (plus penalty shares) are long overdue & should be forthcoming. IMHO only.