CIB Marine Bancshares Inc. (CIBH)

[chainma1l]

The preferred shareholders should get market value for their shares. Problem is that as the company keeps performing well, the market for those shares just keeps going up.
They should probably be swapped for commons in some amount/ratio. With the stock trading so far under book, that might be the smart move for the preferred shareholders. I don't know how all of that shakes out, but in general, I think that would make sense.
Sounds like Chaffin is still working for all shareholders, though. I am happy he's in charge.

“Finally, we know our shareholders are anxiously awaiting news on the status of negotiations regarding our plan to repurchase preferred stock. Progress has been slower than expected, but continues. We ask for your patience as we work through the process. If we are able to reach an agreement on a proposal that will benefit all shareholders, we will present it for approval in a new proxy statement. If such an agreement is not possible, we will notify shareholders and the Annual Meeting will proceed as currently scheduled on July 29th,” he concluded.