"The "non-issued" prefereds have no bearing on the OS unless issued. The "non-issued" common would have no bearing as well. If you trust they will not issue ???????????????????"
Either could have been/could be issued and in either case it would represent a liability to shareholders if they are issued. Now at least they would be issued in the public arena. We were in a bad situation before, and now it is slightly less bad and more transparent.
The value of a company is not based entirely on the value of common stock when you have all of those preferred shares around.
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