Asigned value is based on the PJS and other's number. Assigned value is pretty closed to the market value. As long as market value is over $7.5B, all preferrds are OK. The balance determines the value of commons. Under these cirustances, there is no agruments between who should get what and no issue for conversion value anymore.
It's fair. Commons is $0.12 and P is $31.00. If IPO has X% increase, then commons are in benefits otherwise preferrds are OK at paper FV without dividends for a while.