I do not see how or why. All of the preferred shares have been fully disclosed and part of every prospectus, including the failed merger with Edify. Those guys even received preferred shares when that deal was terminated, also fully disclosed. As the 8K states, Ray and Great Eagle are majority shareholders, so they have every right to do what they are doing. Just a classic example of musical chairs/playing with fire with such a huge preferred share overhang, and the music just stopped with the common shareholders getting burned without a preferred chair.
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