Strickly my opinion on the Preferred issue is this: I voted against the change way back when, but today they still exist in some form. Nobody seems to be clear on what exactly thier status is today. What I see is that they are still trading. Today someone bought 10k shares. That seems like a lot to pay for something that is worthless.
The preferred are not worthless but I doubt the company will do anything about them anytime soon.But I'm sure the will eventually.....And even though it is possible, its hard for me to see a judge overturning the amendment. The whole economy went through an economic tsunami that most say was the worst since the great depression, that along warranted the company in its actions.
I've said this several times before....if the preferred shares were not amended they would have had no choice but to close up shop.
don't feel sorry for me, my pfds are up more than 400% in less than 4 months. I expect them to be up enpigh for a 1000% gain in another 4 months. I just don't see that possibility with the common. If I did , I would buy it.