There is no timing of Preferred to Common. I read

There is no timing of Preferred to Common. I read the By-Laws thoroughly and there's nothing to even hint at a "conversion timing process". The only issue is the availability of common shares ie there has to be a buy back to "create room" to convert. That's very clear from the PR.

Lets make a hypothetical scenario: Monday morning O/S is reduced to 1B and Preferred is converted to Common and retired. This "chain" Preferred-to-Common continues until all the Preferred is converted. There's still no dilution of the Common, ie Assets are still valued $x.xxxx per share exactly as they are today. Only thing in that hypothetical scenario is that the voting control by the Preferred has now disappeared entirely since there's no Preferred left.

I seriously doubt this "mass conversion of Preferred to Common" is a realistic possibility, and so do the bashers. So they use the "possibility of conversion" and write about it as a "fact of conversion" to scare people and depress buying activity.

What happened at ANDI was that conversion rates of Preferred to Common were reduced significantly by the Preferred holders themselves in several stages to make the Company more "Common shareholder friendly". The "Freeze" here is a similar mechanism to what ANDI did to make the Company more "Common shareholder friendly".

Basically in both companies the message to Common shares is we do not intend in any way to dilute you. The difference is the way in which the message was sent (reduction in Preferred conversion rate vs. freeze in A/S and no R/S).

Bottom line still remains that until July 1, 2014 there is no possible way to increase A/S or R/S the stock.

Does this address your concern?