That notion came from the same voice that said they were doing a major buyback when they were actually doing a 504, and the same voice that said an OCTBB uplist was imminent when no such development occurred, and the same voice that refuses to identify a beneficial shareowner.
Shares are either issued, or they are not. If they were issued conditionally, there would have been an escrow arrangement that management could have easily documented to the shareholders.
The shares are in Minaco's hands, and they have full control of the company to do as they will. The effect of the preferreds is for management to get all the benefits associated with being public, but with little to no responsibility to the shareholder. Now that some of the preferreds are in Garr's hands, the destiny of the company is now completely wrested from the shareholder, making his stake and interest going forward tied to those of an outside third party, Minaco-Tradex.
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