MannSinger, I've always enjoyed your posts. You come out of left field sometimes thinking outside the box. Keep em coming.
If I wasn't retired already, I would hire you.
All are greedy in DC/WS which will use common shares to make Millions.
Is there any person in DC or WS NOT greedy? If decision makers have to make Millions then common shares has better option than preferred shares. Giving better deal to preferred shareholders will be dangerous politically. If common shares moves to $40 then politicians can say they have no control on market. If preferred is given par and then better conversion rate to common shares then politicians can easily be blamed.
Common will always win over preferred because everybody is crook and greedy in DC and Wall Street.