extra.....why would any of what you wrote be "toxic"??? in ANY corp., the preferred shares can always be traded for their own relative value and/or they always get paid before the common shares.....
and, as an aside....if the company goes bankrupt, the preferred holders won't see a penny......probably, many of the creditors will be lucky to see a dime.....never mind shares holders (owners).......
are you supposed to be giving us a revelation????