From the company:
"The issuance of Preferred Shares could affect the rights of the holders of our common shares. For example, such issuance could result in one or more classes and series of securities outstanding that would have preferential voting, dividend, and liquidation rights over the common shares, and could enjoy all of the rights appurtenant to the common shares. The Board may issue Preferred Shares without shareholder approval and with voting and conversion rights which could adversely affect the voting power of
holders of common shares."
To be fair, they need to do this. Continuing to wipe out the existing bagholders is pretty much the only thing they can do to keep the lights on, IMHO.
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