Pref-C is up ~ 15 - 16% today. Somebody knows something.
Pref-C is up a little today.
Pref-C are at about 4.50 . Since these are the most senior ( and there is no universal agreement on that ), if these are restored, the gain will be 25 / 4.5 x 100% = 556%. Not too bad.
I wondered about that. It seems like a good way to pay down debt. By back shares that normally sell for $25 a share for 4$ to 5$.
The preferred payments are due today. If they aren't made, someone is guilty of insider trading.
I wonder, could they use this as an opportunity to buy back their own preferred shares? It would be a dirt cheap way to reduce debt.