imo you have to get from 6B+ IVOI common to around 1/2 Billion or less total (including existing IVOI and ARSC divy shares). The ARSC shares divy will be 133.33M. Then remaining IVOI would be 500M or less minus 133.33M. Large R/S.
In most all cases; Preferred shares do not get treated the same as common - shares in a (r/s) or any other transaction. In fact they are in a class of their own in many many ways.