Institutions will buy commons, if and when it’s in the teens under real exchange. Preferred are useless other than for dividends and receivership, neither will happen. Commons ready to launch if IPO talks. Real talks, not greedy Ps talking par talk.
Better is to buy the commons first, at .48 instead of paying $1.72 for FNMAS "for the right" to convert to commons. Think about it. Dont get lost in a conversion.