Its simple. The preferreds have been paid out by the company. The DTC has distributed all the shares to the MMs....BUT some of you have not received them yet. WHY? BECAUSE you've got an IOU!! Dont' worry though. Its not your problem. The problem belongs to the MM that issued the IOU. It becomes your problem if the MMs decide to ignore your complaints and the DTC does nothing to make the MM cover.
SO............everyone set their preferred shares at .001 and lets see what happens. Of course, some MMs will probably have some BKMPP too and will offload them at .000000001 HAH!