Logically speaking, pref. stocks have better chance. So they is ROI is less than MAMUQ. The breakeven point is around $5.00/WAMUQ vs FV of prefs.
Again, if wamuq is not paid, prefs. might not 100% guaranteed. 100% is the key. It might be paid 100%, 90%, 1% (as current POR), or wiped out INdirectly (i.e. Cit's case).
So my point is that once common gets paid(lowest expectation by most posters--$2.00), then prefs get FV.