My two cents is that there is no need for a legal opinion at this juncture. Even though the previous CEO claims to have built up ARNH with over $17m in assets, as of early 2014, my opinion is this company is CURRENTLY worthless. So why fight over nothing - if you win - you get nothing. If you get lose you get nothing.
One should assume that the Preferred Shares are valid - certificates were issued, seals applied and the intent was to clearly issue this as valid offerings. Clearly officers of ARNH previously issued them and their intent is clearly documented in press releases etc.
I think we should wait for a response from the company on how they plan to rebuild the company, equate equity with the preferred shares etc. Remember, the company is neither judge nor jury. They are simply half of the equation with regard to issue of these shares. I do believe the company is motivated to address the shares - why would they want to build a company only to have shareholders at a later date, once it is built into value, say ok now give me the company. My opinion is they want to address these now, not later. My take anyways.
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