So from your post which inducated that you are going to accept...

So from your post which inducated that you are going to accept the offer indicates that you still hold the shares.

Therefore, you have a nice capital gain, but you haven't made a cent.

Sounds to me like the same stuff you were posting at 92 cents, but then didn't hear a thing as they fell into the 80's, 70's, and 60's.....

Furthermore, if you think the prefs are worth in the $2.50+ range, why accept an offer for around half and then have to wait three years to get all of your money?(maybe????)

The market has bid up the price of the prefs, but the current price shows what it thinks of the "VALUE" of $1.25 assigned to the offer: it discounted it by over 17 cents.

SO much for value. The pref holders are being ripped off.