I would say this. You talked about the preferred not being marketable securities, and I don't know the accounting standard, but TNKE's common are traded on a market, so the common at least is marketable. So that's not so clearly sketchy from my perspective.
You say that a lot of EWSI's revenues are "like that." Well, I don't think it's very common to pay for inventory or services in preferred shares. Licensing agreements, branding, sure. But EWSI has revenue from services and inventory sales, and I doubt those can be so easily discounted.
See, I can't refute you. I can, however, call some of your claims into question. You seem to focused on the negative, and that's okay, but obviously one-sided. But you also say you trade this stock. If you don't like it, then are you shorting? Or are you trying to push the PPS lower to buy more? These are possibilities to a blind man, as I am.
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