very attractive discount on prefs., page-9

The ordinary shares would have to fall to that level before you would be losing. i.e. the ordinary shares would have to fall by 8% at the time of conversion.
I believe that the pref. shares are overlooked when people are buying TIM, hence they continue to trade at a discount.
I just wish I could buy some more TIMPA and sell TIM now settling with some borrowed TIM scrip and I would be automatically 8% better off and be getting a higher yield as well.