It would appear as though there are about 2,250,000 preferred shares outstanding. At $50 per share that puts the underlying value of the preferred at about $112,500,000. HL sells the clay operation for about $125,000,000 and uses the proceeds to buy back the preferred stock; Ends up with about $12,500,000 cash; And improves the cash flow by over $8,000,000 annually through dividend savings. The common stock would rise in market value. Everybody wins and HL maintains its credibility with all factions involved and stays in the PM business.