Stock have always been structured that way. There is a pecking order. Common stock is always at the bottom of the pole. Commons get to vote when and have a say in the company affairs when the company is healthy. Preferreds do no have voting rights but preferreds are protected first during any trouble like BK. There is a tradeoff and unfortunately Lehman is in BK. Therefore, IMO in the case of Lehman when the NOLs do come to play, CTs will probably own a huge percentage of the company, then Preferreds with a small chunck and commons wil probably get a very very small share. That is how it works. Those are the rules.
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