There is no way that the lender was in bed with the former management, or they wouldn't be out of control of the company. This is just management watching out for themselves and not the shareholders. The language was there to protect the lender, and there should not have been any reason for it to be exercised. But when Raymond and Debra tried to retake control they caused this whole cascade of dillution. They are the root cause.
While I generally can't stand class action suits because the company gets ruined and the plaintiffs get nothing, I think this is a case for one. However, it should not be against the company, but against Raymond and Debra personally for breach of fiduciary responsibility. Maybe the lender should be included in order to try and undo the share conversion. What does anyone else think?
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