Blackout Media Corp (BKMP)

[tradewell]

It might be to prevent a takeover attempt. After the dividend, anybody who tries to buy controlling interest has to buy the preferred shares as well. They might not have any value under normal circumstances, but a buyout attempt, and the news of one, would give them some value in a hurry. And some value of that many preferred shares outstanding would make somebody think twice before a takeover attempt. IMO