The 3% represents preference. The preferred A&B shareholders are paid before (preferred) the common stockholders or the general company in the form of any surplus, etc... The context of the passage is a hierarchy as liquidation preference means. So, the preferred don't miss their money because of common stockholders or CEO's etc. Liquidation preference. If it was interest, there would be no mention of liquidation preference.
Market Data 
Markets 
AI
