Preferred stock doesn't R/S If you don't believe me, check out the 10Q, 10K filing before and after the last R/S. Here, I'll help you with the links: 10-Q 2005-05-13 (705,784 shares of Series A preferred) <a href="http://www.sec.gov/Archives/edgar/data/880584/000117672105000088/doc1.txt" target="_blank">http://www.sec.gov/Archives/edgar/data/880584/000117672105000088/doc1.txt</a> 10-K 2005-09-28 (976,819 shares of Series A preferred) <a href="http://www.sec.gov/Archives/edgar/data/880584/000117672105000133/doc1.txt" target="_blank">http://www.sec.gov/Archives/edgar/data/880584/000117672105000133/doc1.txt</a> Clearly, the preferred balance didn't go down consistent with a 1-for-1000 reverse split.