Yeah unfortunately I agree with you. I was rah rah about voting Blue on the proxy because the dude had invested $100 million, and the previous ownership never bought shares, but clearly he's willing to screw us to get his money back.
@JRoon shareholder approval is not necessary to dilute, just like it's not necessary for a RS.
"And once the RS happens they will be able to sell shares to raise funds. One doesn't have to look too far to find companies which have done the same"
I would argue that one would have to look very far to find a case in which a company has executed a 1 for 20 and did not raise funds within a year of the RS.
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