Everyone please go to the correct sources. I've heard people have checked with their brokers, their lawyers, their accountants, their plumbers. The only source I would beLieve that would have the accurate answer is the transfer agent. To convert pref shares of any stock requires you send the stock cert with appropriate paperwork to the TA. Ifyou do not own a paper cert than thru your broker and the TA you must make this process happen
Until you hear it from the TA all else is BS. Now its clear Enti in conjunction with ptel attempted the cancel the shares. Here's the twist to that and again please get your back up from the right sources. A stock cert that has been issued to someone can't be taken back without the stock holders permission to transfer it back. So now what? It's like writing a check the issuer is responsible for the check.
The company owes anyone who has the pref stock in their name those shares. Might it require you fight for them? Damn straight. But you can't take away stock that has already been issued to someone. No way
Regarding pref being protected from a RS. THAT IS CORRECT. COmmon shares are the ones that get hit in a split so if you convert your pref shares after the RS you are sitting pretty good. IMO
This is why pref shares tend to be kept and issued for mgt etc.
