So you think they're going to get rich off both? Come on man!
One will have to go away. Probably cheaper to buy out the 20.1% commons than all the prefs. They can also doom dividends for all commons and prefs, if they do, commons will have more price upside since prefs have 2 things going for'em : liquidation pref and dividends. The pref prospectus flyers state very clearly that the companies, if in financial straights, can suspend dividends indefinitely. So where does that leave each class? My bet is any news regarding a lengthened protracted stop of divivdends will hurt the prefs more.
I said months ago before Collins that prefs have a long, long wait for dividends. Conversion? Maybe when certain prefs hit close to the common price (1 for 1) it was never going to be 10, 20 commons for one pref, not when the greedy azz's in charge have those warrants to protect the value of. JMHO
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