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Thursday, March 28, 2013 3:43:35 PM
Preferred shareholders really don't have much teeth in this one. Historically the company didn't provide financials and the company was happy to repurchase shares at a huge liquidity and information discount. I think they will continue to try and scoop up shares at a discount through tender offers. Eventually they will redeem the shares when the fund is dissolved (since its part of a PE fund the term of the fund requires it to terminate at a certain point. Estimated to be 5 years).
So this will continue to accrue dividends, probably not pay a divided to keep the price low, but eventually will get redeemed at $25 and accrued divs paid. There is certainly enough assets to cover the preferred. If redeemed in 5 years with accrued div it's a 14% annualized IRR.
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