Come on now, these preferred shares are for internal use, as 'bonds' or insurance.
Every company has preferred shares. Many of them will pay dividends, depending on the way individual contracts are written determines how and when they can or cannot be used.
It's not set up to blow the share structure up, it's insurance.
Disclaimer: Everything I post is opinion and is not to be taken as investment advice. You make your own decisions based on your own judgement. Do your own DD = 'Due Diligence' = Your trade, Your responsibility.