Of course, HL could drop the dividend but it is cumulative, meaning the missed dividends would have to be paid to fill the legal obligation. HL could only buy your preferred if you let them purchase it from you. They can't confiscate it (legally). If the company declares bankruptcy, of course, then all bets are off. Debt holders would be paid off in order of seniority from the proceeds of any sale. I believe this is how it works; let me know if I am wrong.