It's possible Jr Pfds get zero in the lamberth trial along with common shareholders, and there are scenarios where common shareholders make more than jr pfd shareholders, but there are zero scenarios in lamberth damage models (you can look them up yourself) or outside of that case where common makes money and jr pfds shareholders get zeroed out. That's the value of being higher ranked in capital structure relative to the common shares. It's also probably why since the supreme court ruling the jr pfd shares are up over 120% while the commons are down 55%.
did you opt out? why? was there a notice sent out to opt out? what is the advantage of opting out? i do not believe there will be a settlement and if there is one, it will be for all classes and for both. i highly doubt of settlement.