I own some of the preferreds but if CBC is the only one saddled with this debt , that is what they are debt to CBC, and MBC is not responsible for any of it how does this debt load affect CBC as a seperate entity effect it's book value? CBC is a Michigan based corporation mind you and MBC will be Michagan Commerce Bank. What is the is the debt/assets ratio of the Michigan assets ANYONE
My guess would be that the prfd is so thinly traded (2000-5000 shares per day ) that the price can move irrationally. Who wants it, no dividend and a reasonable chance of loss of principal when and if CBC fails.