The Imp, RONIN has 9% of the PPHM common shares and if he delivers 3 replacement BoD members then they control the Broker Non-Votes in the way they can formulate shareholders questions (with the exception of shelf extension).
Hence ROnin/SW would have a majority on their own. The current BoD doesn't. That is why the current BoD is ONLY vulnerable when the retailers turn against them with the support of a large position (they would loose the Broker Non Vote advantage).
However with Ronin that is not an option because they would ALWAYS be voting in the BoD adviced directions (it are THEIR MEMBERS BoD candidates) and hence would NEVER be affected by the Poison Pill.
The means RONIN/SW OWNS PPHM de facto and would no longer need the retail shareholders. Then, and only then, will you see what Ronin is all about IMO.
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