Nice post. There is another hidden message in here as well, if you take points 3 and 4 together. Offenbach and Miller wanted to buy more common EVEN AFTER BEING ISSUED THE PREFERRED. I would also think it is likely that they might be among the 8 Shareholders paid in more shares for services rendered. THe August buys clearly come on top of other recent adds to their equity positions.
Your point 5 is interesting. Their wording puts a merger as an alternative to an equity raise SO AS TO GAIN (ACCESS TO) CAPITAL. Usually, a company EXPENDS capital to accomplish a merger.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!