What can go wrong ? The pref are a debt. They have priority over the common shares (100% owned by DOM.un).
In case of liquidation the preferred would be paid before the common.
Actual book value per unit is $0.10
Actual book value per pref is over $4 per pref.
As I understand it, no money may be return to unit holder unless the dividend arrears on the pref are paid.
So what is good for the units is even better for the pref.
If there is no settlement, dividend arrears and future must be paid BEFORE any money is returned to unitholders AND the pref are not delisted from TSX
If there is a settlement, the pref are fully redeemed at $2.35 in quarterly payments over 6 years (we could say 5 years, because only $0.10 get to be paid in the 6th year).
I might be wrong, but I cannot see any problem/risk with the pref.
I would appreciate comments.