the funds raised from selling the cumulative pfds is an asset. This asset can be used for reserves, for growth, for paying off other pfds that might have a higher interest rate. This is NOT debt ( i know you did not say it was) this means the company blance sheet is enhanced. Its similar to selling new shares of stock to the public. Money goes on the balance sheet. The problem with stock is new investors can see how badly they have been treated by both republicans and democrats. Unles there were catatrophic losses on a scale that would kill the entire USD they companies survive.
I dont think TBTF like my idea, maybe its a bigger threat to them than i realize
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