thank you agree - I might suggest LP is sort of unique to this case
In 99.9% of JPS (and thus imagine senior preferred shares) ---- there is a secondary trading market. So increases in value (or decreases) can be "implemented - transacted" in the share price - all day - all five days of the week. (PPS of JPS with say 5 years before any call or redemption goes up with lower general interest rates and vice versa ---- or goes down to reflect the market's concern the company may not be able to buy them back at PAR=LP=FACE . Likewise if convertible JPS --- (convertible to common per prospectus) the JPS value will rise if PPS rises to near or in the zone where conversion and sale of common is higher than PAR LP FACE. So - broker for a lot of years and we seldom if never used the phrase LP for JPS We used - PAR --- WHEN - PAR equaled initial FACE Value ($25 on the $25 for example). (This needs to be said - PAR = to FACE - as PAR on common stock - these days - is often set a penny or 1$ -- and in some cases the lawyers writing the JPS prospectus might use very specific language to in essence MOOT the concept or practice of PAR=Offering Price=Face)
Back later as I digest your excellent feedback information and the HOWARD article that put numbers on LP and SP separately Thank you
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