Thank you for the info which provides clarity about the preferred shares.

As a result I have several questions: why the mention of it now? and who is going to be able to buy or be given the prefered shares if they are issued? If they issue the shares to raise money will they be sold for a penny each or will they be sold for $2.00 each?? Or are the shares going to be traded out for a service ( like Harbor?? ) One of the ideas of the preferred shares is to block/kill a take over ( it was mentioned years ago at several SHM that I attended when it seemed there were hostile efforts underway to take over the company)... so is there now another rumbling of a take over in the works?

Does the BOD have an obligation to seek the highest price for the preferred shares? In other words do they have to put the shares out to bid? I wonder how much the shares would command if they were offered on a site like E-Bay? I wonder how much a group of 75 individuals would be willing to pay? I wonder if the BOD would step in an buy the shares for themselves? Or would those who really control the stock allow the BOD members to even own a commone share let alone a preferred one. ( As I understand it the BOD members are not allowed to aquire shares!!!) I wonder if Mr. S is waiting in the wings if the shares are offered. Lots to wonder about IMO because why would anyone want to have control of such a penny stock company?? Perhaps it's because of the MMP patents!!!