make them less than two years for selling shareholders and preferred holders have gotten no dividend for four years now- hmmm government converts TARP and gets to sell while preferred holders get lowball exchange offers and no dividends- nice work if you can get it. What kind of sheep would buy this offering with a ton more of the Treasury's shares soon to follow as soon as this offering is shoved down their throats
catalprod, prior to the financial crisis, preferred where senior to the common and paid pretty secured dividend as they where a critical part of the equity structure. Post crisis, they are very unreliable and play second fiddle to the common. Issuer treat holders as unwanted garbage as they have no say and control.
I need to look at the most recent numbers as well as the prospectus. With that caveat:
Strange that pvt equity is selling when Treasury is not fully getting out. I do not recall whether they had prorata rights or not, but even if they did... Certainly for Lee, for whom this is a small investment.
You had the opportunity to buy common below the pvt equity price, as well as around it - and also had the opportunity to sell at prices above the present. You also had the opportunity to buy pfd at a few dollars per share and sell at present prices. So you have had some good money making opportunities here.
That said, FBP has not treated the preferred properly in my opinion. Will they pay for their transgressions? It appears not.