Preferred will get all of their money back plus a ton. Once all preferred in the secondary is converted at .06....that equates to $20 mil to preferred holders even if they only sell at .06. BUT...they will be selling at much higher prices after the RS. Even if they sell at .12 after the RS...that is a 100% return for preferred conversions. I bet they pump it even higher to dump it all.
You are right...it is a scam pulled on current common shareholders who are being diluted into oblivion.
If it were possible to short this after the RS....you would make a killing. But shares are next to impossible to borrow.
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