"Oh by the way I know the votes for approval are there. Ive been posting here for years and I have never lied."
If you were told then you think you know and you may very well be correct. But I do believe that I am correct that votes can be changed tomorrow at the meeting. So no one could really know for sure.
I certain wasn't accusing you of lying. Just wondering how you could know absolutely when a large block could decide to change their vote tomorrow.
BTW being told something doesn't make it necessarily true. Those soliciting votes could say they have the votes they need to discourage people from voting no.
Personally I don't care much. The preferred may be a bad choice now but it wasn't two days ago when I made it. The chart for CLP doesn't look good so I am not that concerned that it will run to the upside...a correction down is more likely. I was planning to sell the preferred and buy the common..but the situation has changed so I might just wait for a while to see what both do.
pfd has very slim mkt and spread between bid& ask is to big. Not very liquid. Not much chance for capital appreciation. Theres not that much diff in yld. Common is the place to be. Oh by the way I know the votes for approval are there. Ive been posting here for years and I have never lied.
Well, the TCR longs who elected common (and those that didn't elect anything) as well as the CLP longs (I'm one of them) should certainly be happy with the $1 plus jump in price immediately following the announcement. The unwinding of short positions should make all longs happy.
from press release, looks like everyone who wants pfd gets the full allotment they requested. Over 20% of shareholders taking preferred means reasonable liquidity for now. I guess price increase is combination of end of uncertainty and knowing leverage level. Any TCR still trading is getting common--so should trade tightly with CLP common
Do not see any symbols listed for preferred on Yahoo. There had been a symbol for when issued trading. Now it is gone. I took all preferred with the intent of selling off holdings since I have no interest in a conglomerate REIT. The only issue is timing of disposal since it would be a huge tax hit to take it all in one year. Rising interest rates/inflation favor common. Credit risk of weakening economy favor pfd. If trades near face value, pfd should start out with more market value.