My guess is that they want to decrease the Common shares and this is kinda like a R/S.
Also, who knows they may have some restriction on the Pref shares. We may not be able to sell. You can attach lot of things with a Pref stock that is why they are asking us to trade.
I need to do more research before deciding. I understand that lot of you bought when the price was higher so you may not have millions but would any of you do it if you did have millions to do so?