correct, but the difference is Wampq only get paid from Wahuq's leftover. If WahuQ not paid for full of $50/share, WamPQ will get nothing. Of course, depend on how much left, Wampq may get paid some and share with other preferred stocks.
I've done DD and discovered that There is only around $8B to be paid before WAHUQ's turn,other preferred stocks have to wait after $9.15B distributed,then can share with rest of preferred stocks value about $6.5B to be shared.