Nice find. Looks like someone dumped 120k shares at a huge loss. There are about 1.5mm shares outstanding, but look to be tightly held. Hardly any retail volume.
I have a feeling that PQ could annouce temporary suspension of interest payments due to loan covenant issues. The face on those preferred is $50 with $30 being quite a discount. The problem is that they will surely not move back up near $50 or even $40 anytime soon, so why buy it if it has almost no liquidity and may not provide stable interest payments going forward. Plus, there is a chance that they get wiped in a reorganization which may be coming.
This drop on the preferred is another warning sign to common equity. Get the heck off this horse. It is getting ready to break a leg. I am now envisioning this stock breaking $2 real soon.
Hey, did anybody do some due diligence on the debt situation?