Ronning,
If Lopez settles the current CD's with Marble under the same terms as the last it is quite likely the same number of shares will be required.
Which begs the question, why would he convert his preferred to common and then dilute his own holdings?
He won't convert until he has cleaned up the debt at the expense of shareholders. Then he will have a nice clean balance sheet and a company producing revenues. And he can laud his own performance for successfully leading the company down the path of promise.
No reverse split spoils his plans and forces him to start producing revenues now to pay down debt.
And yes, a class action might help too.
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