Looks like $31+ in accrued divs about to be paid, which means the remaining $25 par preferred (now at $53) is being valued at $22, which is under its conversion value with common at $13.25. Ratio is 1.70 common per pfd.
I just bought 200 @ $53.00 today. Seems like they could be trying to prepare the company for a sale. Even without a sale, if the debt deal goes through and preferreds are brought current on dividends, I think the preferred should trade at $25 soon, compared to a bit less than $22 net of dividends today.
At any rate, it should trade at a premium to its conversion value ex-div, which at a conversion rate of 1.708 X 13.47 is $23 per share. So there should be another point or so in the preferred, plus the prospect of future divs or a buyout if coal stays strong.