No. of Recommendations: 0
There's no plan to discontinue the preferred, at this time. (fwiw, The $50 par value shares are 1/20th of the $1000 bonds. The publicly traded preferred shares have always been the $50 face value.)

My take is this has always been such a small amount of money paid out from the income statement, that it's never worth the "Effort" to retire it.


Hello,

Below references the preferred shares language in the latest SEC Filing.

http://d18rn0p25nwr6d.cloudfront.net/CIK-0000716133/9262d353...

Preferred shares will remain outstanding as of the closing of the merger in accordance with their terms.

After closing, in accordance with the terms of the Amended and Restated Articles of Incorporation, the company will be required either to (i) offer to repurchase the preferred shares for their liquidation preference of $1,000 per share (or $50 per depositary share) plus any accrued and unpaid dividends or, if such offer is not made, (ii) modify the conversion ratio applicable to the preferred shares so that upon conversion the holders will have the right to receive an amount in cash equal to the liquidation preference of $1,000 per share (or $50 per depositary share) plus any accrued and unpaid dividends.

The company may redeem the preferred shares at any time at the liquidation preference of $1,000 per share (or $50 per depositary share) plus any accrued and unpaid dividends.

Best,
Kei (Lawson, Cincinnati Bell, investor relations)
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