I didn't say selling. I said the captain abandoned the the ship. Specifically, I'm talking about the 144 shares that Garr "turned in"; i.e., the only compensation package that assured he would serve the shareholder's interest.
He traded 144 common shares, which it is now patently clear why he didn't want to hold through a "recapitalization", for a preferred batch of shares that can be assigned any value that they choose to, with absolutely no proportionate economic interest, all of which is separate and apart from what happens to the value of the commoner's shares.