He's right. Check out the April 8th filing under SEC Filings at Yahoo. It says both the RS and AS increase were approved by majority vote on April 5th. The Board of Directors now have 1 year exactly to effect the RS at a time of their discretion, and at a ratio of their discretion (anywhere from 1-2 to 1-50).
It's all in the Yahoo SEC Filings section for CERP. I can't believe people are even arguing about this without having checked first.