As far as I can tell the dividend has not been cancelled for the Preferred shares. Notification would have to come out by midnight tonight, otherwise it is paid?
The company showed $20 book value...analysts (not that they aren't idiots with their buy rating) guessed $5/share write off for loan impairements. Assuming they sell everything else for 50 cents on the dollar that still leave around $7/share. Even assuming other charges, it seems like there should be some residual value left?
I had sell orders in that did not get executed at $3.30 even though it supposedly closed at $3.50. (A Series). I am afraid that management's failure to disclose the problems and failure to act in time will end up generating enough needless claims to wipe out all equity including the preferred.