Freddie Mac-No Politics (FMCC)

[brute_force]

All preferred stock for every company on the planet has a liquidation preference over the common. For all practical purposes, it's meaningless to you and I. :)

That ridiculous. Not every company is toxic financed. This one is. The toxic liquidation agreement guarantees the financiers ROI. That's why they're first in line when the assets are liquidated and the common are last. There won't be anything left for the common and the warrants, exercised or not, are going to render the common stock worthless as well.