Why would preferred holders during a conversion to REIT status have any VALUE more than their 6 percent dividend? As a matter of fact, their value should not be considered more than their AFTER TAX return on that 6 percent when comparing their leverage to commoners. Their voting advantages are meaningless whether they remain preferred or convert to REIT status. In either example, they will maintain a controlling stake for directing the business. Their ratio of preferred to common in a REIT exchange should NOT be greater than 6 percent, otherwise, the consultant representing commoners, is NOT worth their fee in this futile exercise.