It really bothers me that the BoD can issue 5M of Preferred Stock as and when they like. Many of us saw what happened with the Swarz fiasco and the10-Q makes it clear that such issuance could (and probably would) be detrimental to holders of Common Stock. With cash now below $6M and debts coming in from costs associated with the TPL BK and parallel litigations and the new Licensing Partner etc etc, and with no sign of the BoD reducing the money they personally drain from the company, the likelihood of such a move is, in my opinion, increasing.
The date to submit motions for the FY 2014. AGM, whensoever that may be arranged, is long gone so the next opportunity to go down that path is most likely August 2015 for a SHAM to be held for FY 2015, probably in 2016.
What can be done?
Apparently 75 of us signed off on The Letter. Some would be big holders, others maybe not so much.
Could a combined and united front of 75 shareholders and thus perhaps 7,500,000 shares step up the pace? Would it need 5% (around 20,000,000 shares) to do it? We have had far more than that count voting against the BoD for several years.