RE:RE:600 millionPreferred shares have no voting rights and you need to own common shares to vote and have control.
Preferred shares do however get paid before common shareholders (which is the problem with ClearStream, there are literally millions of preferred shares so nothing will ever be allowed to be paid to common shareholders.
You are correct on the conversion price and correct in the fact that instead of paying interest on preferreds they just issue more common shares and dilute everybody.
It's also important to note that although the conversion price is 10cents and 35 cents, Canso can actually convert out of the money at any time and it looks like they converted some out of the money last year. Its odd that they would convert out of the money but perhaps they do it so that no one can take a controlling position in the company.