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No. of Recommendations: 3
I put a post on these in the Bond / Income board in May - so read that for some more background (common dropped $0.5 since then, and preferreds are slightly cheaper):

http://boards.fool.com/dundee-corp-preferred-33061278.aspx?s...

Quick summary though:
- mishmash poorly managed small cap Canadian holding co
- Been struggling w/ oil and gas slow down in Canada and struggles with the PARQ hotel/gaming business which is draining cash (but likely still valuable).

Dundee has 3 classes of preferreds. Of interest are the B and D which both basically trade for ~45% of par value, and pay ~13-13.5% current yields, and have rate protection features if Canadian yields rise.

I think the preferreds are well covered, but with a distressed common, you may see the following:
- dividend suspension (the preferred are cumulative, but still)
- cram down shenanigans out of court (the Goodman's who control Dundee for example in the past have remove retraction (put-ability) features from the E series preferred which is not shareholder friendly for preferred holders...)

Messy situation with no catalyst, but I think the assets well cover the preferred and impairment here is unlikely, and you get a notable yield while you wait.

Ben - Long
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