Okay my misunderstanding. For the record, legally preferreds can not be treated same as commons. Not possible. Have to wait for disclosure to really see what is going on. I believe this was purposely worded this way to make investors uneasy and panic them into selling. Who do you think is buying it up? Washington DC isn't the only place crooks reside and make a living. C/T's are still the safest bet hear imho.
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