You mean that they are not all honest and above board like Moodys?
P.S. Do you serve gravy with the brisket?
I am NOT saying that this was a "good" issue. I am NOT defending it nor KMI. All I am saying is that it is NOT uncommon for a preferred issue to drop in price subsequent to issuance.
"In short time since issuance, preferred price has declined more than it will pay in the next year in dividends. "
That is NORMAL with a preferred issue.
You are right for anyone buying any preferred issue at the issue price. BUT, know, maybe/maybe not.
I decided to answer my own question. I emailed TRN Investors' Relations. Their answer is:
"Thank you for your question. The yellow and black paint on guardrail end caps is generic. Please let me know if you have any other questions."
End of story.
Just found an article in THE ROANOKE TIMES from October of 2014 which contained the following:
"A metal cap often diagonally striped in black and yellow, the ET-Plus fits over one or both ends of a length of guardrail to act as a shock absorber in case of a head-on impact."