I agree. Have no idea about those preferred shares and his voting control. Would he have to convert first? I don't think it'll be an issue unless he knew of a possibility in advance.
It may be that all this "selling" we see, in blocks anywhere from 20K to 1.9 million shares, is actually JR buying at the bid to fulfill the mysterious "buyback".
What else could it be? What holder of this stock would be dumping at .0039 given the company's story and prospects?
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