I'm sure there are different opinions on it.
From my point of view, its a good thing. As you saw in the definition, preferred stock usually enjoy a fixed dividend that a common stock holder may not. Now, as the company becomes more profitable, there is no one to share it with than the shareholders, creating value. There is no middle man to pay, its just the company and the common shareholders.
But I will be interested in hearing what others have to say.
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