Regardless of the size of the R/S, the authorized shares will remain at the huge level it is at now. CEO will always have a 54.5% holding with his preferred shares and will continue to have the voting power.
Only way to make it run will be to remove the CEO’s voting edge and to reduce the authorized shares.
As long as he can authorize a R/S, he can continue to use convertible debt to raise money and to dilute the stock over and over.
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