If they turn the dividends back on for common and preferred - I guarantee you that they are going to redeem them as soon as they can by any method they can. Including FNFMO, over 1/3 of total Par of the JPS pay over 7%. This is unacceptable, and it would make more sense to redeem them even if you had to issue new JPS. As I said, redemption is the lowest cost option - not saying its the most likely - but certainly not zero.