It was very painful to see my common shares loose almost all their value and even though they were almost worthless I did not want to see the 1 for 10 split happen. Essentially when the offer was made to buy the preferreds and change the rules governing them it was like a 1 for 10 for those who tendered them.It was very tough medicine to swallow but absolutely neccessary for the very survival of the company. Perhaps bankruptcy, the path that so many competitors took, would have been the way to go but management did not take the easy way out. Perhaps the preferreds will be exchanged for commons when the value of the commons aproximate their historic value of 5 years ago and maybe not. I have been buying thousands of shares since the split thinking that someday the housing market will turn around. Now that it has started to turn around I am being well rewarded for sticking with IMH. Listen to the last CC, commons are able to be paid dividends without paying the old preferreds any dividends first.