system
A chat on subreddit /r/wallstreetbets
human
They're probably not going to be made whole again with respect to par, but, rather liquidated via the common stock redemption... 
  
 ...and the common stock is going to be absolute trash once the Treasury's full dilution is marked to market.

gpt
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