Think about though if prf'd are converted to common assuming agreed price, then holder can simply sell their common if they choose. The utility model is the most likely outcome per Tim Howard. Ackman recently referenced as well.
As far as issuing new jr prf'd, that doesn't harm anyone. So if you think suits go away under a,b,c and d, then they should go away here as well. Also, fwiw everyone wins under this scenario. Very Trumpesque.
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