phantasm08037, proposing to set aside any kind of asset including precious metals themselves that can't be reached or attached in the event of corporate clamity such as going belly up probably is not possible. If I remember my corporate accounting correctly, in the event of corporate bankruptcy any remaining assets are applied first to satisfy bills owed to common creditors first, second to pay bond holders debt obligations, third to pay preferred stock holders, and last to distribute remaining value to common shareholders.
For your scenario to play out, HL would have to issue bonds in addition to the preferred stock which already exists which isn't very likely IMO since issuing debt instruments creates another permanent interest paying obligation even more binding requiring timely payment of interest than cumulative preferred dividends.
The only way that I can see that HL common shareholders could benefit is if HL filed the proper notifications and had extra cash to buy back their preferred stock now in the open market at these bargain prices which would free the company from those preferred dividends. That's not very likely since they have very limited cash available.
There are no free lunches to investors in public corporations. One has only to look at what happened to shareholders in RYO(Royal Oak Mines)during this past year. The only answer for all of us is for HL management and BOD to keep their act together during these tough times. Because of HL's diversification beyond precious metals we have a better chance than most precious metal shareholders IMO.