I can't agree with your assessment that the share price will stay at .25 if everything goes well. Most of the public pref shareholders and all of the private pref shareholders bought/aquired their shares at par/face value. They will not sell for .25 on the dollar, just to sell. They will probably hold to at least recover their initial investments.
My bet, shareholders approve all questions by 70:30 margin, preferreds consent to change indentures, and 80% of preferreds are tendered. New shares cause the common shares drop to 0.25 and preferreds go to $2.25. Company lives to fight another day, but still will have serious issues with loan quality.