73), the preferred
means were stronger than the actual means, although again not to any meaningful degree.
In either case, the preferred
share issuer would forgo interest deductions in exchange for a reduced "interest rate" paid in the form of a fixed return on preferred
shares is as easy as buying ordinary shares.
Study legislation to target abusive freeze transactions such as manipulation of investment instruments, lapsing rights, unrealistic buy-sell agreements and valuation of preferred
stock upon a subsequent gift of the preferred
stock, or death of the preferred
stockholder, inconsistent with the valuation of the preferred
stock at the time of the freeze.
Fitch has assigned the Preferred
HITS Class D equity treatment (75% equity content).
Section 351(g)(2)(C) sets forth additional exceptions for disregarding certain rights or obligations of purchase or redemption in determining whether preferred
stock is considered NQPS.
The EITF considered the following situation: An employer issues convertible preferred
stock to an ESOP.
3689 per share representing the dividend payment originally due November 15, 2006, was declared on the outstanding Series C Preferred
Stock, payable February 15, 2007, to shareholders of record at the close of business on February 5, 2007.
provide that the right of the holders of Series 2 Preferred
to elect two directors to the Company's board may be exercised only if and so long as at least six quarterly dividends on the Series 2 Preferred
are in arrears and unpaid and at least 140,000 shares of Series 2 Preferred
remain issued and outstanding.
20% Tax Advantaged Series B Cumulative Preferred
Stock on June 26, 2006 at the redemption price of $25.
Holders who hold shares of Preferred
Stock through a broker should contact their broker with regard to the redemption process because their shares will be redeemed in accordance with the broker's and DTCC's procedures.
The holders of the Series 2 Preferred
that are parties to the Exchange Agreements separately solicited LSB in connection with the exchange, and each Exchange Agreement was negotiated with the holders.