Disappointing, but not surprising.  After all, who would be stock in a corporation lead(?) by Tellier.  Once the banks replace him I would expect to see the value to more approximate that of the preferreds prior to the exchange.  Just goes to prove what a shafting the holders of "preferred stock" took in the deal.  Maybe it will hit $10.+ in a few years and my kids will get 10% of my investment back.