I didn’t know you could do that. I’m not sure I would be happy, if I’d been a preferred shareholder!

A news article today included:
“New York Community Bancorp’s stock and corporate bonds rallied on Tuesday, after the bank disclosed a conversion of preferred stock into common stock.

The move is generally viewed as positive because it frees issuers from paying steady dividends to preferred shareholders and potentially leaves more money left over to pay back debt or issue dividends to shareholders, according to market observers.”

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