A pre-pack should be good for preferred holders, but not so great for any of them who are depending on fixed income. As an example, my TEU-C has call protection until 2016, but sells at a discount to the liquidation. The pre-pack should pay me early, in full, but eliminates the call protection. Of course, I am expecting TEU to come out of it on an industry resurgence. I don't want to depend on the BK Lawyers to oversee my interests.