Your logic is all wrong. Why don't you check out Ford, IBM, GM, Boeing, or ANY stocks that have given out MULTIPLE preferred share divies before you reply? If whaty you were saying were true their common pps would be ZERO....
btw, I am only familiar with about 400 companies that have preferred shares. In almost every case the preferred class shares trade at multiple of 50 to 100 to 1. Why? Because THEY GET THE PROFITS!!!!