Scottrade is misinformed. Preferred shares are not publicly tradeable. They will not "show up" in your account.
From what I understand, PVEC claims it will be sending paper certificates to shareholders of record as of 3/14/14, most likely to the address shown on the NOBO list maintained by the TA, which would be the address registered with your broker.
When the shares become eligible for redemption on 9/17/14, there is no way that PVEC will be able to redeem this $4 million "gift distribution" in cash.
Assuming the company is still in business, the best the Series C holders can expect is conversion to $.20 worth of common shares. However, under Rule 144, such conversion shares would have to be restricted for another year.
Additionally, depending upon the share price at conversion,MANY billions of shares would likely need to be issued. At yesterday's close of $.0003, the 20 MM Series C shares would be convertible into 66,666,666,666 common shares.
A reverse split seems likely. Would the Series C shares also be split in such an action?
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