The contract never said anything about preferential shares.
Using BMF assets to pay off a separate company debt is a scam.
I didn't mean to imply in any way that usagi's actions are legitimate - I'm sure he'll now spend 20 pages telling us why they are - just that people have little recourse against him unless they're prepared to send good money after bad and try to enforce a contract which is likely legally flawed in the first place.
To my knowledge, there aren't any actual companies involved in this at all - usagi has essentially been operating all these schemes as a sole trader.
Why do people assume these "loans" exist in the first place?
Make up any old loan contract and sign it with yourself then you can ship the company equipment to yourself free and clear.
Not that thats what is happening but I havent seen any signed loan contracts or other parties confirming things. The whole setup is
completely dodgy.