That's actually 100% incorrect. In fact, the broker (whomever you may use) won't even accept these until the shares have been registered by the TA. But Im certain you knew that...and just forgot to mention...?
cliff..do you understand this process and why its different from your past experiences? You broker will never see or touch these preferred shares. you redeem them to an underwriter at a certain time when its warranted. Each step upward requires a share conversion factor. As equity builds in the company so does the conversion of preferreds. These conversions are controlled solely by the trust. It cannot be manipulated or shorted by "your broker". thats the idea behind this process. Dividends are paid solely on the investment amount you have put and lost in ANDI. The preferred shares that you just received in the mail have no value until they are called upon. Put them under your pillow and say a prayer.