wild imagination i guess. no way the uq's see a penny if the Pq and Kq do not receive money. preferrerds are price fixed for a reason and receive preferred treatment even in a bk case. i would recommend getting some kq or pq to add in with you uq's cause there is still a chance commons will not get anything and this will hedge some of your losses.. of course there is still a chance no equity will get anything but i am betting big against that.