Only 15k tendered at the old price as investors may realize that 6 quarters of unpaid dividends gives preferred holders the right to elect directors. I predict full payment at that time. I'm holding out.
The prospectus covering the tender offer lists on page 61 that they issued $150,000 of a junior preferred yielding 15%. On current yield alone that would represent a price for the A's of 12.92, and it's senior, thus should be priced higher. $10 won't do it, either.