They don't need to speak to some vague attorney, lol.
They have plenty of legal guidance and counsel so quite making it sound like they have to look up attorney's in the yellow pages to make a decision on a company they own.
Why do you insist they'll 1. Not have preferred already set at 10/1 or 100/1 for a quick conversion? and 2. Why do you keep saying they'll lose voting rights? There's plenty of companies out there where neither of those issues would be a concern so why SIGO?
You really need to research Convertible Preferred Stock. It nullifies all your arguments and requires that the number of common shares it can be converted into being reserved out of the total O/S count, even though they are not counted as outstanding shares.