yenoms

👏 👏

Some names get caught in no man’s land.. $PREJF was taken private, and moved to OTC but stayed on the tier accessible to retail , pink limited Hence, it traded down but not nearly as much had it gone expert It helps that they are part of a VERY large and reputable insurance co

The cedar deal is also a good story on the lack of fiduciary protections for pref investors… they sued.. and only ended up with a tiny settlement Maryland law is very unfriendly

Knowing the holders and their dynamics matter.. e.g. forced selling by funds that can’t hold otc/expert.. keep in mind not all funds sell.. IIRC ive seen a couple public ETF holders expert, and even more so public CEFs

This last point is also relative for evolving situations such as $GPMT, $lft or $abr prefs.. also equity CoC is high now but who know about their marks, re $ICR.A

$lxp.c had clause to allow holders to convert for $50 par cash plus dividend.. this created good opp at the initial announcement when there was confusion, and the weeks leading up to the merger closure