My guess is much simpler. We already know that the preferreds amount to 51% plus in this company. Part of the agreement of the new owners buying the preferreds is that they would approve the sale and r/s. Therefore, the preferreds voted for the r/s. The holders of the preferreds kept control of those shares until they were paid for. Michelle Shearer announced she bought the preferreds, but she didn't announce she never paid for them and never actually received them. Whatever happened happened, and according to the press release, Shearer resigned. At that point, the preferreds did whatever they had to regain control and sold the shell to the airplane company. Now we don't know what the status of all that is. Hopefully it'll work out.
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