True, but like it or not, Equity financing is always dilutive to the overall value of the company to any shareholder, and there in lies the rub. PBLS has been very negative on having "long term debt," but debt is another way to finance and allows you to have the money without the fears of potential loss of control of the business. The problem with debt is that you have to guarantee the loan with something, giving the lender something to sink it's teeth into in the case of insolvency. That's not an issue with equity as corporate structures (especially ones in Nevada) allow you to pretty much walk away with out much personal liability in the same event. Not saying that will be the case here, but frankly, with the little information we have, the preferred O/S is scary as hell and there better be a very good reason for it.
"Experience: that most brutal of teachers. But you learn, my God do you learn." C.S. Lewis
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