The ONLY thing Labor SMART is required (not forced) to do is make sure they meet the reserve requirements per the note Agreement. It is a smart move for the company is ensure all the note holders that they will not jeopardize defaulting any notes by not meeting their requirements.
Additionally, financial institutes could give a rats a$$ about preferred shares or voting rights. The are not in the business of trying to control companies only make money off of them through financings.
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