It's just my opinion, but I think the play is to see if these guys can convert their preferred to common, if indeed, that's their intention. I'm a heavy buyer if that happens and not a second before. Once the company announced that they wanted to raise cash, market mechanics and realities kicked in, which is why the preferreds have gone up and the commons have traded lower. For me, this seems like too much of a guess to be long or short at the moment. The funny thing about this situation is that the longs and shorts will probably both win if they're timely. Good luck to everyone on their trades.