Which some did during the financial crises.... The risk, I suppose, is that the split corporation will fold. If the NAV is still above $10.00 pfd share holder will get all or most of their capital back. Capital share holders are SOL.
More recently, someone bought OSP-PA six months ago, expecting the March 2020 special retraction privildge to let them get out even. Trouble was that by that time, everything had been hammered so much that the preferred were worth $5 instead of the $10 they expected.
I'm more concerned about hidden costs and what the portfolio does. At the end of the day, the portfolio is likely the biggest driver.... My concern with splits, at least in bad times like now, is the capability of the managers of the split corporation to stay in business.