Corporate Finance 101, page-4

Yes, partly.

But mainly because they have to ensure that they get the best deal they can under their fiduciary duty to ordinary shareholders.

There is a win win out there, but that's been true for a long time.

The big difference now is that the company isn't likely to go bust, and, if it did there would be next to nothing at most for pref holders.

On the other hand, it's hard to see Spicers doing an Elders without a capital restructuring.

Everyone in same boat, IMO, so best that they all get together.