"Liquidation Rights***************** Upon our voluntary or involuntary liquidation, dissolution or winding-up, holders of Series K Preferred Stock will be entitled to receive out of our assets that are legally available for distribution to stockholders, before any distribution is made to holders of common stock or other junior securities, a liquidating distribution in the amount of $1,000,000 per share of Series K Preferred Stock plus any declared and unpaid dividends, without accumulation of any undeclared dividends.
Distributions will be made pro rata as to the Series K
Preferred Stock and any other parity securities and only to the
extent of our assets, if any, that are available after satisfaction
of all liabilities to creditors."
A couple questions:
1. Can you point us to where the dividend has been declared?
2. If you do not have a link, can you please inform us as to why you think WAMKQ will be paid a dividend and not the Bond Holders or the Trust Preferred Stock in front of this Preferred stock?
3. In the event WAMKQ DOES get paid a dividend, it only goes to the Series K preferred stock. If you hold a Series K preferred stock, then you hold a face value of 1,000,000 per share. If you hold the share of $25, then you actually hold the depository receipt of a Series K Preferred stock, ie. 1/40,000th of a share of one Series K Preferred stock and only known as a book entry (under the street name or yours). While Series K MAY (I do not believe so) receive a dividend, the Trustee SHOULD distribute a pro rata share of the dividend to the depository receipts, which means you or I. The problem is, I do not see any dividend coming since we are under Bankruptcy Ch 11, which stops the dividend from being paid out.
Bankruptcy is to protect the Creditors of the estate. Paying a preferred holder before Creditors doing the exact opposite since the preferred share is an equity holder and does not deserve to be paid before a creditor.
Does anyone have any information that shows why Series K WILL GET PAID A DIVIDEND especially before any other Creditor or Trust Preferred who are in front of any preferred shares?
Please let me know, I would be all over this.
BTW: Series K is also non-cumulative, just like Series R and on the same parity.
AI
