Hmm...this is odd:
Bloomberg says, "Fidelity bought convertible preferred stock in March"
However, NYPost [1] says, "investors were forced to take common stock, rather than preferred shares or other instruments"
So which is it? Because marking down the value of preferred is very different (and means much more) than marking down the value of common.
[1]: http://nypost.com/2015/05/29/snapchat-has-sold-537m-in-commo...
