This is just a thought and pure speculation on my part. I personally think the actions of the $5 million dollar investor (the investor) has forced the company to take action sooner rather than later. Unless I'm mistaken, the record date for the shareholder meeting is February 6. As of that date, if it comes to a vote, OWC still has enough shares under their control to determine what course of action they choose to take. What would happen if the investor decided to convert more of their preferred shares?

The conversion of 35 preferred shares meant that the company had to issue 7.5 million shares to the investor during a time when the shares were traded between a range of $.10 to $.14. Not sure of exactly the math that was used because the average share price once the converted shares were converted came to approx. $.047!! Based on what I read in the loan agreement I fail to see how such a huge discount was applied. Maybe the company goofed with their math and issued more shares to the investor than they needed to. I know that there is a dispute resolution mechanism within the agreement that either side could exercise, but obviously it wasn't utilized. To try and find out from management why the average per share price after conversion was so low, is a moot point now but probably worth asking when Howie is there.

If the investor were to exercise their right to convert more preferred shares now, using the same relative calculations as above, the company might have to issue them 25 million common shares or more for the same number of 35 preferred shares. They might eventually gain control, but they would be driving the share price further and further down.

Maybe the existing management and their new CFO are smarter than we've given them credit for. It could be that they are just sending a message to the investor that is plain and simple. You fuck with us, we will fuck with you!!