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Preferred Stock

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BUSINESS
March 19, 1993
MNC Financial Inc. said yesterday that it will reinstate the dividends on its preferred stock and will pay the $15.5 million of preferred stock dividends that have been in arrears. MNC stopped paying all its dividends in the fourth quarter of 1990, citing growing losses primarily from the banking company's commercial real estate portfolio.MNC, which is awaiting approval from regulators and shareholders on its acquisition by NationsBank Corp., said it will pay holders of Series CC adjustable rate cumulative preferred stock 80 cents a share, while holders of the Series DD stock will receive 77.5 cents a share.
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BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | October 16, 2008
Constellation Energy Group's largest shareholder, whose higher offer to acquire the Baltimore company was rebuffed for a proposed $4.7 billion deal with Warren Buffett, said yesterday that it will not submit another bid for the firm. The announcement by Electricite de France could put to an end speculation that has dogged the buyout deal since its inception: That a better offer would triumph. The transaction still requires approval by state and federal regulators as well as shareholders.
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BUSINESS
By Eileen Ambrose and Eileen Ambrose,Sun Columnist | April 17, 2007
Bill of Brooklyn Park likes to hold preferred stock because of its generous dividends. So the retiree was disappointed when a utility company cashed out his shares. Now he's having trouble finding other companies that still have preferred stock. He asks: Any ideas where to find them? If you're unfamiliar with preferred stock, it's a hybrid between a bond and a stock - but more bond than stock. Investors buy preferred stock for the fixed-rate dividends, often yielding 6 percent to 9 percent, rather than for potential appreciation in the stock price.
BUSINESS
By Gail MarksJarvis and Gail MarksJarvis,Chicago Tribune | October 5, 2008
You've been given a breather - an opportunity to relax about the stock market and take action with your investments if you feel you must. At least, that's the way it looked at the end of the week, when the House passed the bailout plan and President Bush signed it. The law is supposed to free up money for lending and save the economy from more serious distress. Of course, there is no such thing as a painless move at a time like this, when the stock market has already fallen more than 27 percent from its record high.
BUSINESS
By a Sun Staff Writer | June 13, 1995
Information Resource Engineering Inc., a Baltimore-based computer encryption company, announced it would redeem all its 9 percent convertible redeemable cumulative preferred stock on June 30.The stock can be redeemed for $11 a share plus any accrued and unpaid dividend through June 30. It is also convertible into common stock at the rate of 1.1765 shares of common stock for each preferred share. The conversion rights terminate at the close of business June 23.Information Resource closed yesterday up 50 cents at $26.50 a share.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | August 30, 1994
In another sign of its improving financial health, USF&G Corp. said yesterday that it will redeem 950,000 shares of high-cost preferred stock that were sold when the insurer was struggling to survive.The shares represent 25 percent of the company's 3.8 million Series C cumulative convertible preferred stock. The Baltimore-based company raised $190 million when the stock was issued in 1991. Because of the high dividend, investors treat preferred shares more like debt than equity. The Series C shares, priced at $50 when they were sold, carry a 10 percent dividend, or $5 a year per share.
BUSINESS
By MATT LUBANKO | May 23, 2004
I was just looking over some preferred stocks. The yields are around 7 percent. What are some of the rewards and risks? What are some ways I can reduce my risk? Are there mutual funds that hold mainly preferred stocks? - M.W., Chicago Preferred stocks can be a desirable tool for yield-hungry investors. They pay quarterly dividends. They deliver generous yields. They are liquid: Many of them trade on the New York Stock Exchange. And, although they fluctuate in price, preferred stocks rarely move with the same up-and-down ferocity of common stocks.
BUSINESS
By Ted Shelsby 4 | January 30, 1992
On the heels of last year's $1.1 billion loss, directors of Westinghouse Electric Corp. slashed the company's dividend nearly in half yesterday and announced plans for a preferred stock offering to raise $500 million in capital.The board cut the quarterly payout to 18 cents a share from 35 cents, which Westinghouse has paid since the second quarter of 1990. The new rate is payable March 1 to stockholders of record as of Feb. 8. There are about 6,500 Westinghouse shareholders in Maryland.Westinghouse also said yesterday that it will adopt new accounting provisions covering post-retirement health benefits, a change that will cost the company $750 million after taxes in the first quarter.
BUSINESS
By BLOOMBERG BUSINESS NEWS | September 14, 1996
NEW YORK -- Chase Manhattan Corp. yesterday sold $500 million of a new product -- the first mortgage-backed preferred stock -- amid strong investor demand.The success of Chase's sale bodes well for other banks, including Chevy Chase Bank, a Maryland-based savings bank. They're lining up to sell some $4 billion of the new preferred stock in the days ahead, investment bankers said.Buyers were so eager to own Chase's preferred shares -- which are backed by mortgages on homes and businesses -- that they accepted a dividend 0.28 percentlower than where the shares were first marketed.
BUSINESS
By David Conn and David Conn,Staff Writer | April 21, 1992
MNC Financial Inc.'s decision to suspend dividends on its preferred stock more than a year ago has led to defaulted payments of more than $9 million and has required the election of two new directors to the board, according to the company's proxy statement.The statement, released Friday, asks preferred shareholders to vote for two new directors that the 20-member board has nominated to represent preferred shareholders.One of those prospective directors doesn't even own preferred stock in MNC, Maryland's largest banking company.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | May 10, 2008
Legg Mason Inc., which has already committed almost $2 billion to shore up money market funds hit by the mortgage meltdown, will take another hit to bail out investors in closed-end funds hurt by the collapse of the market for so-called auction-rate preferred stock. The Baltimore asset manager, the seventh-largest U.S.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | March 29, 2008
Legg Mason Inc., the seventh-largest U.S. manager of closed-end funds, said yesterday that it is looking to "restore liquidity" to shareholders of auction-rate preferred stock after the market for such securities dried up amid the credit crisis. Shareholders of these investments - often issued by municipalities, student loan lenders and closed-end funds - have been unable to sell them. Managers such as Legg are studying ways to address those limitations despite the fact that many of these auctions are failing to attract enough buyers.
BUSINESS
By Gail MarksJarvis and Gail MarksJarvis,Chicago Tribune | February 3, 2008
Conservative investors are becoming tangled in the lifeline the Federal Reserve threw to the economy last week. To try to prevent a serious recession, Fed policymakers have been cutting interest rates. The goal is to make it easier for businesses and consumers to borrow money so they will spend and help businesses profit, keeping employees in their jobs. But investors - especially retirees - who count on safe U.S. government bonds for income are not finding the cuts comforting. Interest on the safest bonds has been shrinking since the Fed started lowering rates in the fall.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,Sun Columnist | April 17, 2007
Bill of Brooklyn Park likes to hold preferred stock because of its generous dividends. So the retiree was disappointed when a utility company cashed out his shares. Now he's having trouble finding other companies that still have preferred stock. He asks: Any ideas where to find them? If you're unfamiliar with preferred stock, it's a hybrid between a bond and a stock - but more bond than stock. Investors buy preferred stock for the fixed-rate dividends, often yielding 6 percent to 9 percent, rather than for potential appreciation in the stock price.
BUSINESS
By Michael Oneal and Phil Rosenthal and Michael Oneal and Phil Rosenthal,Chicago Tribune | September 22, 2006
CHICAGO -- After a five-hour board meeting yesterday, Tribune Co. Chief Executive Officer Dennis J. FitzSimons said he will substantially restructure the company and agreed to be monitored by a committee of independent board members as management explores alternatives. "Everything's on the table," FitzSimons said after the meeting, noting that the committee will review a range of options, including taking the company private in a leveraged buyout, spinning off the company's television stations and selling various newspapers.
BUSINESS
May 3, 2005
In The Region MuniMae reports 1st-quarter profit of $2.2 million Municipal Mortgage & Equity LLC, the real estate financier known as MuniMae, posted yesterday a first-quarter profit of $2.2 million, up from a loss of $1.3 million in the year-earlier period. MuniMae said it earned 6 cents a share in the first three months of this year compared with a loss of 4 cents a share in the first quarter of 2004. The Baltimore-based company also said it raised $118 million through the sale of common-equity and trust-preferred securities.
BUSINESS
May 14, 1991
USF&G Corp., the Baltimore-based insurance company, has filed a registration statement with the Securities and Exchange Commission to publicly offer $150 million worth of convertible preferred stock as part of its effort to raise $300 million in capital.The registration, which was filed yesterday, proposes the sale of 3 million shares of Series C Cumulative Convertible Preferred Stock in June at $50 per share. Another 450,000 shares will also be issued to satisfy possible demand beyond the 3 million shares.
BUSINESS
By Ted Shelsby | May 14, 1991
USF&G Corp. announced yesterday that it intends to raise up to $300 million in capital through preferred stock placements that could open the door for the Baltimore insurer to either write more insurance policies or increase premiums on current policies.In announcing its plan, which was filed with the Securities and Exchange Commission late yesterday afternoon, USF&G said the majority of the proceeds would be used to strengthen the policyholder surplus of its primary unit, United States Fidelity and Guaranty Co.Policyholder surplus is the financial base that permits companies to sell insurance.
BUSINESS
By MATT LUBANKO | May 23, 2004
I was just looking over some preferred stocks. The yields are around 7 percent. What are some of the rewards and risks? What are some ways I can reduce my risk? Are there mutual funds that hold mainly preferred stocks? - M.W., Chicago Preferred stocks can be a desirable tool for yield-hungry investors. They pay quarterly dividends. They deliver generous yields. They are liquid: Many of them trade on the New York Stock Exchange. And, although they fluctuate in price, preferred stocks rarely move with the same up-and-down ferocity of common stocks.
BUSINESS
By EILEEN AMBROSE | August 31, 2003
LIKE MANY investors in the 1990s, retiree Thomas Devlin got swept up in the stock market euphoria, riding technology and other growth stocks up and then back down. His portfolio lost 30 percent from the height of the market in 2000 to fall 2001, and he was dipping into principal. "After Sept. 11, I had no confidence of it rebounding," said Devlin, 72, who retired as a program manager with Westinghouse Electric Corp. in 1994. That's when the Kingsville investor changed course. He dumped the growth stocks that once made up half his holdings and built an income portfolio made up largely of preferred stocks that pay high dividends.
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