American Home Mortgage Preferred (fka AHMMQ)

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The Series A Preferred Stock and Series B Preferred Stock rank senior to our common stock
with respect to dividend rights, redemption rights and rights upon our voluntary
or involuntary liquidation, dissolution or winding up. The terms of the Series A
Preferred Stock and Series B Preferred Stock require that all accumulated
dividends in arrears be paid prior to the payment of any dividends on our common
stock.