Tuesday, May 02, 2023 10:09:31 PM
Here's your problem with the preferreds. The liquidation rights mean nothing unless FnF liquidates. I don't see that happening. The dividends are non-cumulative so no value is building. If FnF is released it will be released to the common shareholders. And hopefully a new board of directors. The preferred are just along for the ride.The board of directors as no fiduciary duty to the preferreds beyond what is contractual. In fact, if the directors made any decisions that may be not contractual and detrimental to the common they could be sued by the common as not fulfilling their fiduciary duties to the common.
That is case law.
FNF will more than likely not declare a dividend until there is excess cash where both the common and the preferred are paid a divy. And of course that can not happen till both are fully capitalized. I only bought my preferred at the time because the preferred were not much more than the common.
A non-cumulative preferred has little value until a pathway to consistent dividends is seen.
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