Some thoughts I shared on the other MPIX board:

It would make sense that the shares retired to the company's treasury will be used for the preferred shares and then be used by management and the IR company to sell to investors. That many shares converted to preferred (at the rate noted in a past press release) will generate several million dollars.

This is much needed cash to fund the number of projects management has been pursuing.

In my opinion, this is a much better way to do things as it reduces the total number of shares outstanding instead of diluting the share price even more by creating more common shares to raise capital  The preferred shareholders will receive a dividend, should the company be profitable, but their shares are not included in the earnings per share. If the company is profitable, the share price is going to be much higher than what it is now.

I am sure we will see more releases as management has been busy meeting with potential investors. Things may not happen overnight but we are definitely moving in the right direction.