If we get the SFV conversion, can we really expect to be paid back dividends? Both former K's and P's were "non-cumulative", why would new issued shares provide improved terms? I hold escrow markers for both.
What is 'Noncumulative'
Noncumulative describes a type of preferred stock that does not pay the stockholder any unpaid or omitted dividends. Preferred stock shares are issued with a stated dividend rate, which may be a stated dollar amount or a percentage of the par value. If the corporation chooses not pay dividends in a given year, the investor does not have the right to claim any of the unpaid dividends.
WAMPQ
QUANTUMONLINE.COM SECURITY DESCRIPTION: Washington Mutual Inc., 7.75% Series R Non-Cumulative Perpetual Convertible Preferred Stock, liquidation preference $1000 per share, and with no stated maturity. Non-cumulative distributions of 7.75% ($77.50) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which is the first day of the month in which the payment is due (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by the preferred are eligible for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-50 of the prospectus for further information). The preferred shares are convertible any time at the holder's option into 47.0535 common shares of Washington Mutual Inc. (NYSE: WM), an initial conversion price of $21.25 per common share. On or after 12/18/2012, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, force the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
WAMKQ
QUANTUMONLINE.COM SECURITY DESCRIPTION: Washington Mutual, Depositary Shares each representing a 1/40,000th Interest in a Share of Series K Perpetual Non-Cumulative Floating Rate Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 9/15/2011 at $25 per depositary share plus delared and unpaid dividends, and with no stated maturity. Non-cumulative floating rate distributions are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the first day of the month is which the payment is due. The floating rate distributions will be paid at a rate equal to the greater of the 3-Month LIBOR plus 0.70%, or 4.00%. Dividends paid by the preferred are eligible for the 15% tax rate on dividends under normal restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-28 of the prospectus for further information). In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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