Even if that close knit group of Tampa Bay attorneys did change the conversion rights of those shares to 1:1 it doesn't change that they still have control of the shell. It is a whole lot easier to use a shell for self enrichment from behind the scenes than it is from out front as a listed officer/director.
With their good buddy, Stavrou, writing the Opinion Letters there is almost no limit to what they can get away with when it comes to issuing and selling unregistered shares.
Seriously read this post and see how close they are: