I think I answered it before. It remains the preferred of the company that issued it. As I recall when I looked at their articles, the spinoff is not a redeemable event. Now some may think this is a problem because NCT will have half of the assets after the spin off, but the preferred is not that large a part of their equity. I think it was less than 10% but you would have to check.
You are correct, it's not a large amount:
1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock,
496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock
620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock
Yearly payments total $223,216.
Common stock outstanding is about 250 million. At 88 cents/year, the dividends are currently $220 million. The amount paid to preferred is insignificant. I guess that answers my question: If it's insignificant, then it does not matter.