If he is smart he won't do it, because that would

If he is smart he won't do it, because that would cause BCAP to go T4T (Trade for Trade) by the DTCC
He only mentioned this in case he had no money from those Preferred shares, so therefore he would have to raise the AS, dilute the SH's to the maximum to raise the money needed, which would cause the stock to be trading at 0.0001 and when the interest has died off he would have no other choice then to do a RS. Its a possibility, but a small one IMO. Because he will raise enough through the sell of Preferreds so that would mean no need to raise the AS and subsequently no RS... JMO