They're talking about issuing preferred shares, but aren't saying a damn thing about their constitution or how they'll be issued.
Will they be sold in an IPO, will they be granted to shareholders, will they be privately placed (good luck with that one)?
I think they should buck up and give a fat special dividend. They're sitting on something north of $130/share in cash. Reward shareholders (of which I'm not actually one) for pressing their noses against the vault window (some at $700 a pop) for so long.