Totally with you here, people are over estimating the power of the Preferred shares
There are 20500 preferred shares each with voting power of 3205 votes
20500*3205 = 65,702,500 out of 1.3billion O/S float = 5% of vote
Last R/S it was as follows
65,702,500 out of an O/S float of 249mm = 26% of vote