Hestheman/Cotton: This may have been discussed but looking at the OBS Joe Preferred LEHDQ prospectus, this language bolded below is contained within that I have never been able to determine if still valid or if no longer once we were cancelled into the OBS?
"LIQUIDATION PREFERENCE
In the event of any liquidation, dissolution or winding up of the Company,
whether voluntary or involuntary, before any distribution of the assets of the
Company to holders of common stock or any other capital stock the Company
ranking junior upon liquidation, dissolution or winding up of the Company, the
holders of the Series D Preferred Stock shall be entitled to receive out of the
assets of the Company available for distribution to its stockholders, whether
from capital, surplus or earnings, $5,000.00 per share
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(equivalent to $50.00 per Depositary Share) plus an amount equal to all
dividends (whether or not earned or declared) accumulated and unpaid on such
share of Series D Preferred Stock. If, upon any liquidation, dissolution or
winding up of the Company, the assets of the Company, or proceeds thereof,
distributable among the holders of shares of Series D Preferred Stock or any
capital stock ranking on a parity with the Series D Preferred Stock upon
liquidation, dissolution or winding up of the Company, shall be insufficient to
pay in full the preferential amounts to which such stock would be entitled, then
such assets, or the proceeds thereof, shall be distributable among such holders
ratably in accordance with the respective amounts which would be payable on such
shares if all amounts payable thereon were paid in full. For the purposes
hereof, neither a consolidation nor a merger of the Company with one or more
other corporations, nor a sale, lease, exchange or transfer of all or
substantially all of the assets of the Company, shall be deemed to be a
liquidation, dissolution or winding up of the Company.
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