Just to clarify, what happens to TPS, other preferrds to receive the same treatment under that scenario.
As for the SHN wanting prefferds in the New Co, it is my opinion that it was for settlement purposes, however, they put a clause in there that was "participating preferreds" which to me equates to P's convertibility in the event the New Co shares appreciate substantially, they will be able to convert and repeat the rewards.
That is why in real Big Board Companies, you want a P type security if you are going to buy a preffered type security. You get the best of both worlds: 15% taxed divy, higher priority, convertibility, higher rank, etc.
imo
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