RE: RE: RE: RE: A good trade "I can't see how they wouldn't be able to put some sort of financing transaction together that would honour the initial claim of the preferreds."
The preferreds are defined as part of the capital structure for one corporation, the Trust Units represent a different corporate structure.
The "Trust" would have to make an offer to "Buy" the preferreds in exchange for either cash, trust units or something else.
Understand that two separate companies exist.
Better questions to ask is, what would the trust look like if all the assets of the other company were sucked into it? Then ask, how could this be done.... Then ask... Why would they do it. This is the "Dark Side". Not saying that's the outcome but I am saying, we as outsiders have to understand the structure and how the structure can be manipulated to service a number of ends. Understand in this structure we have a range of investors who have differing configuration of "Investment". All of them will want to optimize their specific investment.
All above IMHO.