They wouldn't IMO. I believe you were told about the 176 trillion prfds, but I really feel that number is dubious. Everything else speaks against it IMO.
I sure as hell want all my preferreds and i'm sure you do too. do you think everyone would get them before they start trading? i'm sure the situation is to make the MM's cover the nakeds after we start trading, so there would be a "one-way" market. we can sell but not buy.