The preferreds would be an expense, but that expense would be covered by the sinking fund for 3 years. So Joe would have ~$61MM to work with for 3 years, then he would have to pay the piper from funds derived from the company.

Maybe that would at least allow Joe to sell the NGIO shares at a trickle so as not to overwhelm the market and put too much pressure on the price. Would be better than putting them to an investor just to have them puked back onto the market...