Good question. I don't know. It certainly doesn't sound like a simple thing to do.
However, by R/Sing the common, in all probability the pps would jump but most will have so few shares they will still lose big-time. In addition, historically, most times after a R/S jump in pps it quickly falls back down. Now folks would be stuck with.. at best.. 1/10th their investment and a low pps.
Anything can happen, but I really think R/Sing the common is a gamble that is so great it's dangerous to even talk about.