They may want to cancel common shares, but this is my speculation. What I do believe, however, is that they want to drive the PPS to 1 or 2 cents, so that their buddies and families can get in on the stock assuming the deals are real.
Firing Turrini is one way for him to accumulate unrestricted shares, because he is no longer an officer of the compnay. I do not know if there is a grace period though.
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