Circa Pict. & Prod. Co. Intnl Inc. (fka CPPD)

[old_timer99]

marketbear, I never used the word "marketable". I said "tradeable". I can't believe you are even debating this.

Surely you've heard the term, "IPO", haven't you? An IPO is the intial public offering of the company's registered common stock that the company can legally offer to the public. There can be subsequent offerings, but they are all common shares registered with the SEC to sell to the public.
Preferred shares are restricted shares. They are unregistered. They have a legend on them. They are not free trading as you claim. The holder must request for removal of the legend under Rule 144(k). A Form B has to be filed. A S-3 has to be filed. I think it might do you good to learn what stock is legal to offer to the public and what stock is registered to trade in the open market. No need to bicker over this. I'm right.