sorry, commoners, you take a back seat to the junior subordinated debenture holders ( "tradelogic" would never tell you but I will )
Holders of our junior subordinated debentures have rights that are senior to those of our stockholders.
"As of September 30, 2011, we ( Hamni Financial ) had outstanding $82.4 million of trust preferred securities issued by our subsidiary trusts.
Payments of the principal and interest on the trust preferred securities are conditionally guaranteed by us.
The junior subordinated debentures underlying the trust preferred securities are senior to our shares of Common Stock.
As a result, we must make payments on the junior subordinated debentures before any dividends can be paid on our Common Stock and, in the event of our bankruptcy, dissolution or liquidation, the holders of the junior subordinated debentures must be satisfied before any distributions can be made on our Common Stock.
We have the right to defer distributions on the junior subordinated debentures (and the related trust preferred securities) for up to five years, during which time no dividends may be paid on our Common Stock.
We commenced deferring distributions on the junior subordinated debentures (and the related trust preferred securities) with the payment that was due on January 15, 2009."