How do you calculate book value for preferred shares? IMH only has about $5 per share tangible book value. Book value obviously does not equate to market value or "worth". Worth would be what someone would be will pay for those shares at market. Do you mean book value, or are you talking about face value? I am confused with your terminology.
Look at every trade like a dog would. If you can't eat it or play with it, just pee on it and walk away.