At some point just before winick got really nailed he played games with preferred to get people off his ass about dividends they were demanding because of all the false value winick put on the stock.
Your preferred in account will show a random letter/number token name and maybe listed as delisted or inactive. Basically, the preferred are worthless and I don't believe they can be activated as the courts voided them.
All my brokers tried to clear them by taking ownership of them, which is what they do when they claim worthless in your account, but if one reads the small print on their brokers site, it will say that if they remove a equity from your account they nulled, they are not responsible if there is any trading in it in the near future.
Think about that for a second. They say they're worthless and remove them from your account but claim there still could be trading? That tells me that they take possession of millions of shares and clear them later for profits. I don't care if I paid 50 bucks for millions of the shares, they didn't spend 50 bucks keeping my account maint.
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