If enough preferreds take the offer then the preferreds that don't convert get delisted. However, for any preferreds that don't take the offer your claim still stands and with less competing preferred stock the chances are that you will be redeemed for cash becomes more likely. At this point, I consider approval of this deal to be 50/50 since even if they adjust the price.
Agreed. IRSA is more concerned with jackassing around (ie, this preferred to equity conversion) than with building value. The chances are good that Condor had good results for Q2 and will for the foreseeable future, but the capital structure is awful and increasingly convoluted with the warrants IRSA continues to demand.