If it was a full blown bk it would depend on how much was made selling off the assets. If there was enough the preferred would be paid 1000 just before commons. If the commons were not in the money there is a good chance preferred arnt either. When a bk cancels equity it cancels all of it.
But since this is not a full BK and only a cash crunch most likely neither would get wiped.
IMO preferred would be the better buy right now but they dont seem to be trading. I can not confirm this till monday when i have a chance to buy some
News 
Market Data 
Discover 
