Roy S : Hopefully I could share some of my digging when going thru the first round of preferred shares tender Series B ( $EXELA TECHNOLOGIES INC 6% SER B CUM CONV PERP PFD (XELAP.US)$ ). Started with value $12.50 per share but now floating between $7.5 -$8.50 average which I notice the floating relates quite abit with XELA shares.
The shares of series B or B1 will be valued at a $25 if the company goes bust. Preferred shares should have the priority on the payout compared to common shares holders (by right) .
Pros: XELAP issues 6% of the dividend but still not sure based on the current share value or $25 liquidation value.
Cons: Not much trading on the XELAP therefore trading volume is really low.
I would say this tender is trade wait for dividend and forget about it kind of investment .
Hope this helps.