system
A chat on subreddit /r/wallstreetbets
human
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

gpt
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.