So, preferreds may not be redeemed at par?
Teekay Offshore Partners to be acquired by Brookfield. Talk is that preferred div may be stopped, delayed, or the preferreds may be dissolved. Or that Brookfield will redeem the preferreds at far below par. Didn't know this scenario was possible. Didn't want to risk such a situation and sold most of these preferreds. A somewhat respected contributor of income generating stocks on the SA boards had recently recommended the E series for TEEKAY. A black swan event overrode his reasoned arguement for the security and good value of the E's.
Maybe the value of the preferreds will increase. But the possibility of them being dissolved was unacceptable to justify continuing to hold the majority of my holdings.