It will be great to hear a modified plan ASAP.
Regarding the Preferred Stock issue, that is a show stopper, if he doesn't take the same hair cut as everyone else. My goodness, that is like giving him 250 million common shares, without the R/S, or 30% of the company. That's nuts. He has had all this time to accumulate shares.
Maybe I agree with you, he should have more shares. As part of the proposal, have options available to him as part of the proposal.
The cat is out of the bag. Keep the PRs flowing, do damage control by disclosing the plan ASAP and modifing the filing.