marketbear, I didn't explain anything to anyone. I just read the posts at avocadoman's suggestion. I'm sorry I pointed out fisty was correct. I will never do that again. Happy now?
For the record, you might look into what fisty posted to you. No matter how wrong we say she is.
Capital market preferred stock (CMPS) can be converted into common stock and traded in the open market after conversion. DARTS, STARS & MAPS preferred are auctioned off PRIVATELY. These kind of preferred shares are unregistered and can't trade publicly. PIK or "pay in kind" get dividends in more preferred shares & Exchangeable PIK's can make a conversion into debt for the holders ROI.
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