His 'control' would not be diminished doing so probably by controlling/owning so many preferred/warrants/conversion loans that eliminating his current personal shares of common would mean nothing. In other words, I am inclined to believe he may just wave/cancel those.... possible...
Doing so would raise the pps of the common but, IMO, not enough to bring it over .001. We will still need some additional announcements of income generating means to really make the pps jump.