Phoenix Associates Land Syndicate (fka PBLSQ)

[MrPastorious]

you really need to understand what a preferred share is. It is debt, an IOU, in the form of a common share. These preferreds do not convert. the $10 price is a par value. It means nothing other than to place a number in it. They pay a dividend. That is the interest payment. After a fixed period they can put the preferred back to the company for the $10. From the June 20th announcement (copied and pasted) "The purchase amounts were paid in cash and preferred shares, and owner of the preferred shares has the right to putt the preferred shares back to Phoenix for cash at any time after the fifth anniversary of the closing, or to continue to hold the preferred shares and earn a 6% quarterly dividend."
they have the right to putt... brilliant...
It is an in house note at 6%... nothing more, nothing less.