I agree Dan, there has to be an order to things. That being said if it was my decision and the choice was preferreds at full face value and commons nothing, or preferreds at 60% and commons get $2 I would take the latter option because its fair and reasonable. I personally don't own commons right now, but I have in the past and they deserve a cut of the pie.
I'm still debating whether to buy commons before Friday, just have a bad feeling Rosen is going to pull more BS...we'll see.