Looks like Bears Sterns got face value for their Capital Trusts.
JPMorgan Chase Announces Redemption of Bear Stearns Capital Trust III Preferred Securities
JPMorgan Chase & Co. today announced that Bear Stearns Capital Trust III (the “Trust”) has called for redemption of all the issued and outstanding shares of 7.80% Trust Issued Preferred Securities, liquidation amount $25.00 per preferred security (the “Preferred Securities”), of the Trust, at a redemption price of $25.00 per Preferred Security, together with accrued and unpaid distributions to the redemption date of November 30, 2009.
There are currently 10,500,000 Preferred Securities outstanding. The Preferred Securities trade on the New York Stock Exchange under the symbol “BSC-X” (CUSIP No. 07384T206).
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion, operations in more than 60 countries. JPMorgan Chase is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. The firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
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