You made the comment about the preferreds, fringe. So why not apply your own standards and back it up with some facts?
Regardless, the question is posed for discussion rather than in the expectation of an answer from you or anyone else. Safadi obviously isn't interested in answering the question on the record; and therein lies the SEC's insistence on current filings. If Safadi was properly compliant, there would be no question about the status of the preferreds.