"But, the facts are, the original purchasers of these issues paid $25, $50 or $100 par value which they will never see. Therefore the original preferred buyers were SCAMMED!"
No, they bought a stock that went down, just like the rest of the market over the last couple of years. There was never any guarantee that these stocks will maintain their value. An 'expectation' that they will maintain their value is not a guarantee. Any IPO has an 'expectation' that the company and therefore, the stock, will prosper. Many don't.
If the IPO purchasers (of which I highly doubt you are one) of these stocks bought thinking there was a guarantee, then they did not understand what they were buying - there was no scam. If the IPO purchasers bought the stock because of the income, then they can sit back and continue to collect the income that they expected.
"We have some BAC shills posting here, twisting the facts and truth about BAC's predatory business conduct on preferred shares."
And some shorts who scream louder about things like 'predatory business conduct' every time the price increases.
"Anyone buying a new preferred IPO at par, is a damn fool."
So, don't buy at par - or better yet, shorty - short at par. I don't see anyone on this board who has claimed that they purchased any of the preferred shares that are being offered conversion at par. So why do you keep screaming?