Now is a good time for this. If you didn't already double down, now is a good time. UIS is not going out of business. This is the best preferred stock deal in the entire stock market now. The companies that pay higher dividends than this one have substantial risks of bankruptcy, and their dividends are not much higher.
Since that long-ago post, I've been adding to my position when it seemed cheap. Just a few weeks ago, snagged some more at 48, if you'll check the chart, that's pretty close to the low, and you'll see it's over 54 now. Well yeah, if I was such a genius, I wouldn't have been buying in the 80s.
Even UIS would seem to think it's a good deal, the just-announced stock buyback includes the preferred. Yes, why not retire relatively high-coupon (related to the price) debt?
Hmmm I see that mandatory conversion is on the horizon now, so basically this is UIS common stock with some added dividends. The price of this preferred stock should now follow UIS common closely (in view of the conversion ratio).