Doesn't sound so bad when you consider:
ShopperTrak data showed in-store sales on Thanksgiving and Black Friday were $12.1 billion, down from $12.3 billion in 2014.
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.