It's not that simple. We are talking about DULY AUTHORIZED, ISSUED and OUTSTANDING shares in the company. ;-)
Forget the term "certs". They are SHARES of the company. They cannot simply be cancelled and ignored. The ONLY way to cancel those shares is to declare BK and cancel ALL shares, including the common. :-D
In the event of a bankruptcy, guess who is first in line for any liquidating dividend...... Yup, the Class C PREFERRED SHAREHOLDERS!
IM ROTFLMAO!!!!