Sunday, November 30, 2008 3:51:31 PM
You are wrong!
I did read the prospectus (some of it, honestly I have no time to read the 100 page whole thing! Did you read the whole thing?) and on page S-6 it says and I quote:
http://www.sec.gov/Archives/edgar/data/933136/000095013407025343/v36123b2e424b5.htm
"Upon our voluntary or involuntary liquidation, dissolution or winding-up, holders of Series R 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 our common stock or other junior securities, a liquidating distribution in the amount of $1,000 per share of Series R Preferred Stock plus any declared and unpaid dividends, without accumulation of any undeclared dividends. "
Pay attention to the last sentence: "....WITHOUT ACCUMULATION OF ANY UNDECLARED DIVIDENDS"
Another argument point could be what is declared versus undeclared dividens? What happens after BK? Can the dividens be still declared even without payment? Somebody, WHO KNOWS, might discuss on this. On the front page of the prospectus it says and I quote:
"Dividends on the Series R Preferred Stock will be non-cumulative. If for any reason our board of directors does not declare full cash dividends on the Series R Preferred Stock for a dividend period, we will have no obligation to pay any dividends for that period, whether or not our board of directors declares dividends on the Series R Preferred Stock for any subsequent dividend period. However, with certain exceptions, if we have not declared, paid or set aside for payment full quarterly dividends on the Series R Preferred Stock for a particular dividend period, we may not declare or pay dividends on or redeem or purchase our common stock or other junior securities during the next succeeding dividend period."
Now, I really do NOT think the board of directors declaring any dividens now!
Before accusing people to do their research, please DO YOUR OWN RESEARCH.
Another point is that the max conversion of WAMPQ to commons is 114.8106 if share price of commons are lower than $8.71.
Now, EVENIF WAMPQ is converted to commons at this max rate, then as long as commons get $25/114.8106 = $0.218 then one would get $25pps for WAMPQ.
Disclaimer: I feel funny to do a lot of research on something that I even do not own but I just wanted to answer.
I have to say that I did not read the whole prospectus. If anyone reading this post, do your own DD and if something I am saying here is wrong please respond WITH a quote and page number from the prospectus!
Climber
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