"Regarding the B share issuance, portraying it as some secretive betrayal is disingenuous. The move was disclosed through proper filings, and it was a strategic decision, one that many companies have used to support long-term sustainability"
A strategic decision to enrich friends and family.
Nothing about it supported long-term sustainability.
Unless you consider a stock price of .0002-.0003 sustainability and taking out more toxic convertible debt to actually support the con game sustainability.
There was zero benefit to the company, nor shareholders, via the Preferred B issuances.
If it didn't work out quite like Foote imagined his Golden Parachute would be, perhaps he could hit the friends and family up for some kick backs on the 50 million plus they raked in on this scheme.
For contributing absolutely nothing by the way.
At least to the actual company anyway...