The preferreds were passed by authorization of a Board resolution and vote...they are a legally authorized instrument as so described in the language of their issuance.
If the current management does not recognize the legality of the preferreds they are, IMO, subject and vulnerable legally and therefore have a fiduciary responsibility to issue the preferreds "effective" in accordance with the terms and date of the Board's action.
It doesn't matter what you think about Keith, this is a legal and binding decision made by the BOD at that point in time and as such is legally valid now.
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