According to http://www.quantumonline.com (I had used them in the past and Think I will send them some cash in the near future. Just forgot.) Any way this is from their site and would like to break it down and hopefully get input from others.... SSCCP assuming I got 100 shares....
SECURITY DESCRIPTION: Smurfit-Stone, 7% Series A Cumulative Exchangeable Redeemable Convertible ((OK first does this mean #1 Cumulative does this give it a high rank in the pecking order verses common stock holder??))(I figure Yes) ((Exchangeable means it can be traded for common shares for 34.28 bucks??(If so I just made a killing as I will make them pay me lots of cash ASAP) (I have no idea what that means)
Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option(This makes me wary because the company could say sorry your out of luck)( is that true??if so why bother issuing prefered stock)
on or after 2/15/2002 at $25 per share plus accrued and unpaid dividends, maturing 2/15/2012, and with distributions of 7% per annum paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the date set by the board no more than 60 days or less than 10 days prior to the payment date. The preferred shares are convertible any time at the holder's option into common shares of Smurfit- Stone Container Corp. (NYSE: SSCC) at an initial conversion price of $34.28 per common share.(see above ) 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.
maybe someone who knows what their are talking about can break it down as a learning tool... Thanks Brwtrpilot
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