Participating convertible preferred stock

Participating convertible preferred stock

Preferred stock that can be converted into common stock at the option of the holder. In contrast, to the usual preferred stock, the value of the preferred stock is refunded to the holder. That is, one gets conversion plus the value of the stock.
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Diversified holding company Harbinger Group Inc (NYSE:HRG) (HGI) announced on Friday that it is exercising its option to convert its issued and outstanding shares of Series A participating convertible preferred stock and Series A-2 participating convertible preferred stock into common stock of the company, par value USD0.
Granted, Houston-based Maxxam is a highly diversified company with a history of bankruptcies and drastic turnarounds and a complex capital structure, with a closely held block of Non-Cumulative Participating Convertible Preferred Stock and special provisions for board representation by holders of the Common Stock.

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