They could redeem the preferred's at whatever price they want because they own 100% of the rights of the shareholders even the ability to agree to be redeemed at any price they wnat.
If the government wants to be callous...
Then they could say... $25 pref for $2.50 and $50 pref for $5 or even less. Say $25 pref for $1 and $50 pref for $2? or $25 pref for 50cents. Whatever price they want... remember they have ALL the rights.
There are no rights of ownership not transferred to the government ... ie... ALL.. ALL is ALL.