The incorporation papers in Nevada for CTCC are not clear on that or on the voting rights of the peferred or even how many if any are issued. The only clear thing is that there are 15M preferred.
What I do know from experience about preferred shares in most pinky stocks is that they give vote control to a certain group so that officers can be elected and other issues that would normally take a vote by the shareholders can be done through a "written majority shareholders" type vote.
Were you a shareholder before October 25, 2011?
If you were, were you asked to vote on the new CEO?
Nobody has posted anything about it so I would have to guess that shareholders weren't even notified of it because of the "majority" voting for him which means they don't have to ask shareholders for their vote, but they should still have received a notice about the "election" of MacIntyre and a notice telling them that their proxy is not being asked for.
Worst of all is that it happened on Oct. 25, 2011 but nobody knew anything about it until Dec. and that, in itself, tells me that shareholders had no vote in the matter and they didn't find out about it until Dec. either. If they had been asked for a vote back in Oct. somebody would have posted about voting.
I have seen 1 preferred=1000 common in one pinky but I think they like using the conversion thing better because it gives them absolute control no matter what the AS or the OS goes to.
One final thing, at another pinky that doesn't stipulate what the preferred shares are worth, it just says that the preferred shares are convertible to a percentage of the outstanding shares but the conversion maintains vote control for the holder of the preferred shares and in a phone conversation with Don a poster said that Don told him/her that he(Don) was a "majority" shareholder and would continue to be.
Here is an example of the above conversion rate for preferred shares straight out of an SEC filing.
"who beneficially own in the aggregate 45,013,540 shares of common stock of the Company and 60 shares of Series B Convertible Preferred Stock, representing approximately 60% of the voting power of the Company, gave their written consent to the Recapitalization described in this Information Statement on September 14, 2011. It is proposed that this Information Statement will be first sent to the stockholders on or about October 3, 2011. The record date established by the Company for purposes of determining the holders of its voting capital stock entitled to the notice of the Recapitalization and receipt of this Information Statement is October 3, 2011."
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