This is just another bull$@%# example that does not make any sese to me. You are telling me that preferreds cant have that money if equity is wiped out. So they will use equity to get payed and then give equity the shaft. Does anyone else see something wrong with this picture. Just another example of greed among rich people. Common folk are always taking risk to get a small piece of the pie while preferreds never take any risk and get to keep all the money even at the expense of the common folk. Why do we allow this to happen. The common folk need to mass in numbers and make this rich folk pay for their abusive behavior.
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