The owner/s of those Preferreds has the right to convert them at any rate desired... say 1 share Preferred into 25 shares of common... The Preferreds owner also can receive divys that the retail holder is not eligible for.... How would that feel... 'dispersments' of our cash that you and I aren't eligible for..
Any wonder why the BoD fought tooth and nail to keep Brian's Preferreds vote off the Proxy...