Not quite. The redemption which is forced upon the entire JPS series can only be at full value because that is what the contractual debt component of it is.
The voting majority of JPS only lets the holders negotiate with the enterprise as to what to offer as a voluntary buy out. This means that all holders still have a choice if they want to accept or not. There can be hold outs. Just like that one house which refuses to sell to a redeveloper building a gigantic complex but is forced to build around that singular house. You can't force someone to sell.
One is a redemption and the other is an offering. Not quite the same.
If part of the goverments plan is for the companies to buy jps shares, accumulate, then after aquiring a voting majority, it says the companies can terminate at anytime any class of pref by offering a buyout. It does not say that absolute par has to be offered, only a price which JPS can vote either yes or no to liquidate. Fairly easy to understand if companies own the most shares they own the vote and can set a price at whatever they want. This can all be accomplished behind the government curtain of doing whatever they need to for FHFA, taxpayer and the companies.