FYI - the value that is mentioned ($17/$17.50) as being carried on the balance sheet is simply the mark-to-market at that point in time (03/31). No other magic behind it.
-60% of existing shares replaced with new ARC preferreds that are mandatory redeemed over 4 years - $13.50 payment on remaining shares - no accrued interest paid
This puts a recovery value at a little over $21/ share.
So to answer your question, I'm not buying or selling and hope that I'm wrong.
There is potentially upside to $28/share depending on who paid the principal balance down for the April refi.