tharmon, comon -
your posts seem to line up, but comon16 recap of his conversation with Joe is in stark contrast to what rawhide is reporting. Guess I have to write myself to find out what the truth is.
The preferred shares, IMO, will be RS'd as well as the filing said no impact on voting power and share structure will occur (which is only possible, if all shares get treated the same).
So I am more inclined to believe your accounts of conversations with Joe than rawhide's.
I also do believe that the company will run into trouble if the RS does not happen as financing outside equity will be hard to get without proven income, which is still a few months away. And certainly none of us would want "death-spiral" type financing, right?
I still think the RS is the right thing to do but with an adjustment of AS as well (some here suggested 200mio, but I think it should be more aggressive than that, maybe 50mio or 100mio at most). This would address fear of dilution and signal that the company is serious about shareholder value while at the same time achieving better liquidity.