PDIV shareholders would never agree to that. This would be standard typical dollar for dollar deal. somewhere in the range of 8000-100,000 to 1 is a fair deal for both sides.
Preferreds are still 1 to 1.
Ever track how well the preferreds have done? Just did another double on the move to PDIV. How many is that from the start! Dividends were another. Debt to preferreds was another. Started by marking up assets a 100 times.