what you can't ignore is that the company
What does 70% owned mean? That if the company was liquidated management would received 70% of the remaining value after creditors. A preferred stock can also have a liquidation value attached to it.
Then again like many details do we know anything about these managerial preferred shares? There has to be a filing somewhere on them.
IMO the important part is that common shareholders should realize that the concept of 2.4B shares (or 3B in the future) voting on some stockholder issue is a moot point. Management controls all decisions, and does not need the majority approval of common stock shareholders. They do need to molly coddle the common shareholders so as to keep the PPS up (Susanville), and be able to raise more capital by issuing more. Outside of their creditors, and the SEC they answer to no one.
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