Trend continues. Operating income 67.2mm less 90.7 interest and 38.7 pfd div leaves a loss of 62.2mm before special items. Negative common equity 175.8mm or 1.40ps produces pfd equity of 16.07ps vs 25ps liquidation value. Never seen a company operate this long with common deficiency and never seen pfd shares sell for such a premium to book value. I doubt Benjamin Graham would invest in this!!