You know...IF there is to be $34 billion / $36 billion returned. That would be about $8/share, like you wrote. And if it were to happen sometime in the near future. The new metric the preferred would make out to about X3 w/interest.
By accounting for the full 1.7 billion shares, $7.75 billion in preferred w/ interest and restoring original equity priority. The 2X would have applied for Q's.