All valid points but MM and Cerb aren't buying the preferreds the company is. Buying the preferreds immediately increases book value, is a good use of excess cash sitting on the balance sheet which they cannot currently distribute, lowers potential future dividends needed to avoid board representation and/or make a cash distributions, and protects them should they need to convert to equity or liquidation/wind up.
So for all this they are willing to pay a premium to protect their investment. This is a great move by them- I was shocked at the price. I expected a much lower tender offer.
I still am not sure of your position.
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