Because when you buy Preferred shares you are entering into a legal written contract at an agreed price! That written contract between the company and warrant holder it can never be changed without consent both both parties. So warrants are worth par any less is a direct violation of the contract and awarded damages!! Basic business law under Delaware law. Go look it up if you don't believe me!!!
As for the SPSA, I laugh when some here talk about conversion to common shares. It can never happen! Read the SPSA again and prove to the board where it says Gov has legal right to convert or sell them. That's a BIG NOPE !!
Between you and ano I'd like to know who has a degree in business law in what state?? Because I read both sides of your arguments and can see both points of view BUT, you both interrupt the law differently, the same law! Word of advise, be more open minded like ano to the fact that contracted rights and share right hold legal standing in some sense.
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