### Comment:
even with treasury dilution and a conversion to commons, they'll still be worth 4-5. There's also sound reasoning on why this can't happen. i've been up for 36 hours so can't really go into it right now but maybe TheSerpent can explain it

### REPLY:
Most preferreds are being priced at 4x to 5x which gets them exactly to par. 
  
 That's not going to happen by your own admission.

### END.