Baltia Air Lines Inc. (fka BLTA)

[Tiresias]

common shareholders have voting rights but do not participate in receiving assets back from a company if the company is liquidated or sells off its assets. Preferred shareholders are first in line for liquidation proceeds but do not have voting rights.

Here is the section:

Preferred stock is a special class of shares which may have any combination of features not possessed by common stock. The following features are usually associated with preferred stock:[2]

Preference in dividends
Preference in assets, in the event of liquidation
Convertibility to common stock.
Callability, at the option of the corporation
Nonvoting