Patient Access Solutions Inc (PASO)

[3Angels120702]

There's a difference between normal preferred stock and convertible preferred stock. Normal or nonconvertible preferred stock usually trades right at issue price - normally around $25 bucks per share. These trade in a narrow range based almost exclusively on the dividend rate.

Convertible preferred stock can trade much higher depending on the price of the underlying shares. Whereas the first type is essentially a fixed income instrument, the convertible pfd are essentially equities in terms of price performance.

This is my expertise as well.