ATP Oil & Gas Pref Shares fka ATPGQ

[56Chevy]

How many preferred shares are there?

1.5MM
http://www.sec.gov/Archives/edgar/data/1123647/000119312511167908/d424b5.htm

Any down side to investing in preferred.

Pure speculative play at this point. Bonds are still 10 cents on the dollar ..so yes there is a substantial risk on holding Preferred.
Another consideration that hasn't been discussed much is the outcome of the Adversary Proceedings. We don't know yet where ORRI's & NPI's fall as to absolute priority. Their claim(s) could be a problem for all classes below DIP lenders.