Ofcourse they will be treated better. Before that happens though, the commons will be treated better by hype. By the time prefs get treated good, most common holders might have already cashed out that time. Some commons might have even bought prefs after cashing out and get even more profit.
People don't understand the importance of the capital stack in a reorganization. See what happened to the AHT conversion recently. 1 preferred for 5.8 commons. At exchange the offer was almost equivalent to "par" but the discount in preferred shares was less than 40%. Exchange offer was voluntary but before it was hostile, no common votes required, only a tender offer. About 30% voluntary tendered. What happens to commons with the dilution? It goes down short term when the exchange offer is made.
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