No need to pay the Pref, you just leave them were they are. There is no contractual right to pay them if you sell. If MM and CC sell their securities, or sell the co's assets, the buyer will factor the preferred (the cost of the coupon, when and if it needs to be paid) into their numbers and deduct that from the purchase price. In essence, preferreds would have no grounds for a lawsuit against the board if they sell it and they get nothing from their purchase price. Common holders would. It this makes sense to hold both SKKRF and SKRUF at the same time, IMO.
