The main reason I say commons have more upside (provided the company recovers) is the most preferreds can get is $2500 plus accrued dividends - add $250 per year for those, or about 8x current market. NAV (net asset value) is about 70 cents a share, after full payout of preferreds, with 100 million O/S. See the bottom of the I-box of TEUFF board for that calculation. True the NAV might take a hit with the next financials, but even with a $20 million hit, should be 50 cents a share for commons, or 20x current market. The preferreds right now are priced for outright failure of the company, which I don't think is appropriate.
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