Great post. I have been saying for long time Mr. Ray is very good business man and knows what it takes to expand the company but lack of knowledge or intentional handling of shareholders is appalling. If, big if, he can not deliver this he needs to step down and have someone else running the show and he develops the business as planned.
Hope he or BOD is seeing this. Because it won't be pretty at the end.
Big problem with this is who is going to pay the lawyers? It’s not like in a lot of other cases where the law firm just needs to find a shareholder to represent to start a class action suit to get a settlement from the company where the law firm gets a big payday. The resolution of this suit would be the cancellation of the debt and the preferred shares. A nice outcome for sure for shareholders but where is the cash payout for the lawyers?