"First, could Watt stop the NWS?"
No, he cannot. Not without losing his job, being sued, and possibly going to jail.
"Doesn't that violate the current contract regarding the senior preferred stock and the explicit government pledge to provide us funds if necessary?"
Yes, it does.
"I don't see how Watt could single-handedly violate the current agreement"
He can't. Even if he wanted to, he can't.
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