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.
Purchasing
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.
