to be to convert. I've just come to the preliminary conclusion to convert half my shares on the first go round and the other half on the second thereby eliminating having to think any further about this G@$ %*(&$ piece of !@#$. No rhyme or reason just tired of this #^%*. Perhaps some of you will think this through out loud.
I was in the process of formulating my view in regards to maddognight's misinterpretation of flipper's post but no need now; you said it precisely. I think those who've benefitted from flipper's postings would agree with you.
Had flipper's comments been directed at me I wouldn't have thought them the least bit denegrating, even if I had maddognight's obvious intelligence. I think it was flipper's recognition of this persuasive intellect that prompted him to advise a re-examination of the numbers. Even the brightest make mistakes; just check the history books.
maddognight, you read flipper the wrong way. I have been reading his posts for at least two years and I don't take them that way. A reference to "sit down with a calculator and work on it" and "do the math" is just what I would have to do and I don't consider that suggestion condescending any more that the usual "do you own dd". Maybe you are a genius and have all that figured out, but some here appreciate flipper sharing his thoughts with us.
Sorry, I did not mean to be condescending, your right no one needs to be insulted, which was not my intention. You seem smart and I thought you were just looking at the surface of the 12% yield as many intelligent posters have done. If I spent a lot of time on the CMM pref isue last year so I had a big head start.
Just because this board says the pref.'B' is a worthless piece of paper doesn't does not make it so in my book. Don't forget about the possible conflicting agendas of different holders of PZN paper. If I own a large position in the pref. 'A' what do I want? I want 100% conversion of the 'B'. No competition for cash flows with a piece of paper paying higher coupon. More common only pref.'A' in food chain hierarchy below bonds. No possible redemption of 'B' at par before 'A'. If I own the bonds I want more common shares than preferred for the same reasons. If I sold all of my common shares and want to buy back in I want 100% conversion so I can pick up shares at the lowest possible price. Finally to sell your pref.'B' shares on the open market for less than the conversion value of PZN common does not make sense. Someone will exploit that opportunity.
I agree with you 100% Mr maddognight. If shareholders sell the pfd B prior to the second conversion conclusion at a discount, then they will be leaving an opportunity for others to make a guaranteed profit. The pfd B will trade within 90% of face value until conversion rights expire.
maddognight.....do the math and then give me one good reason not to convert.
As far as being a pref A holder I am senior to the PIK B stock anyway. Also the B gets paper for 3 years so it's not cash drain. I would like to see NO ONE convert then they could do a rights offering much more easily and that's would really boost the value of the pref A. Third the pref. B will be single digits in the new year after the conversions period closing, IMO. Just look at the chart of CCM prF...PZN preB is being done EXACTLY like the CMMprF....look at the chart and tell me when the 2 conversion periods ended.