Preferred shares can't be converted to common by the holders unless there's a change of control.
This was exchanging preferred shares for a note, initiated by the company. Nothing prevents that.
The note is the convertible instrument, and again, nothing against regs there unfortunately (none of this is "illegal" in the criminal sense).
I think you'll find that there will be no payout from TEUFF's management. They not only insulated themselves well, they warned everyone about that insulation in the filings.
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