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

[old_timer99]

marketbear, I just saw the link you posted,

Definition

Preferred stock on which dividends accrue in the event that the issuer does not make timely dividend payments. Most preferred stock is cumulative preferred. opposite of non-cumulative preferred.

Where does it say that unregistered preferred can be sold publicly in the market? It doesn't. Read SEC Rule 144(k), S-3 and read about why a form 3 is required to sell preferred after the restrictions have been met and the legends legally lifted.