73), the preferred
means were stronger than the actual means, although again not to any meaningful degree.
In either case, the preferred
share issuer would forgo interest deductions in exchange for a reduced "interest rate" paid in the form of a fixed return on preferred
shares is as easy as buying ordinary shares.
The EITF considered the following situation: An employer issues convertible preferred
stock to an ESOP.
Fitch has assigned the Preferred
HITS Class D equity treatment (75% equity content).
Section 351(g)(2)(C) sets forth additional exceptions for disregarding certain rights or obligations of purchase or redemption in determining whether preferred
stock is considered NQPS.
Over the longer term, Fitch believes RCCC must address the preferred
stock issue although options are limited when considering the company's relatively low market capitalization compared with its total debt obligation.
The reclassification is subject to the approval of the holders of at least two-thirds of the outstanding shares of Series B and Series C Preferred
4254 per share representing the dividend payment originally due August 15, 2006, was declared on the outstanding Series C Preferred
Stock, payable February 15, 2007, to shareholders of record at the close of business on February 5, 2007.
The terms of the reinsurance agreement between Stoneheath Re and XL Capital provide XL Capital the flexibility to amend the attachment point, which is the trigger event for XL Capital to issue preferred
shares, without affecting any other terms and conditions.
Through the exchange offer, Fairchild is offering one share of its newly issued Series C cumulative preferred
stock in exchange for each validly tendered share of its Series A convertible preferred
The Agreement further provides that Jayhawk would waive its rights to all accrued and unpaid dividends on the Series 2 Preferred
tendered or exchanged.