Thanks from me, and I hope bidupbid and any others who lack your sophistication in this matter see this post. It was nice of you to take both the time and effort. I have already printed it off so I can "cogitate" on it and consider each option.
IMO, no one in their right state of mind would hold onto to the PIK with the other alernatives available to them if they wish to remain invested in PZN. On January 20th.....the pref B will be under $10, most likely near $5/share.
While it may be that the B will trade $5-$10 at some point, it will be irrelevant to a person who has opted to hold on to the Pref B for an extended period of time. The B can trade for $1 but if and when the company calls the shares, holders will receive $24.46, correct?