i expect preferred to convert to common as part of the equity restructuring to clear the capital structure, settle the lawsuits, and to raise new money
hope that helps.
as to how?
junior preferred can vote to amend the terms of their share certificates as part of settlement/restructuring negotiations
just because they are not currently convertible does not mean they will always not be convertible.
this is an equity reorganization.. have you ever been part of a chapter 11 reorganization (ch. 11 means debt+equity usually) before?
chapter 11's usually go something like this:
debt converts to equity --- if equity is not entirely wiped out, preferred usually converts to junior equity then as well, and common tends to get massively diluted or wiped clean.
anyway, i've been through reorganizations before where i have owned preferred that convert to common, so this isn't my first rodeo
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