I think the more important question than Bk - a binary yes/no but most feel that it is not an immediate concern - is restructuring. I own the preferred but if the company decides to restructure, they will worth the same as the common.... not much. The preferred is certainly trading as if it will be converted to common stock and not have the divi reinstated in the future.
Common will become worthless as the sr. Bonds reign supreme. Preferred will be worth a fraction of its liquidation rights price. If all goes :-) then Dolan will be able to throw a bone to preffered shares with bankruptcy. Restructuring is possible without bankruptcy in theory, but the pie would just need to be big enough and sliced perfectly enough to satisfy everyone. Jr. Bondholders will complain, so you should fully expect bankruptcy.