Exactly, it cannot disable the poison pill and what is more we have only issued 700K of the 5Milj allowed preferred shares so yes we can raise more money with other series and WITHOUT needing the ATM which is MORE expensive for PPHM then issuing a new public offering on the preferred shares.
Furthermore we can do it FAST. Most of the paperwork is done. Only small parts must be repeated for each offering. We do not need a new S-3 and so.
And the point of my post, and the reason I mentioned that, is that PPHM at some point in time may have overlooked the fact that a regular loan not only included the fact that they were not allowed to issue shares BUT also that management could not trigger the poison pill any more because it is BASED on issuing shares to delude the hostile party(ies) who are not entitled to buy the cheap commons at that moment (excluded by the poison pill terms).
Something attracted their attention to that :)
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