Not so sure they are worthless. The offer was $.27 and now the going price is $.40 or so. They also stand in the way of IMH issuing any new preferred series without taking care of the dividends or $25 face value for these preferred. Of course, BK puts these at the front of the line, after those with seniority. JMHO.
I have a few. Took the overdue dividends but did not tender the shares for that .27. Why would I?
They are trying to earn their way out of this and I commend them for that.