Nothing here for the preferred shareholders that can't be fixed with a nice fat RS, 1:1000 would be a good number. I think Tom calls it "uplisting" and "catering to institutional investors"
Not everyone is stuck TS raped commons when he sold wisebuys to seaway and again when he paid himself 260K. Preferreds he hold are just a bonus if he ever gets to sell them so he his way ahead of the game as are his fellow bedmates at YA.