A couple items of interest from comments today.
mbg posted a link to a shipping recap from Fitch. Given that shippers have some preferreds this may be of interest to some here.
ESW3 posted a twitter link to SEC commissioner Hester Peirce with references to 15C2-11 (expert markets). Obviously there is some discussion taking place relative to the mess the SEC has made of OTC markets and the affect this silly rule is having on all investors.
Thanks for your work on this site, Tim. I’ve asked at my bank’s trust department and made a cold call to an OTC Link ATS broker dealer to get a definition of what exactly qualifies someone as a ‘sophisticated’ investor. It seems several of the regular commentators on this site would qualify to any reasonable definition.
But every place I look on line it seems to be “if you have to ask, it ain’t you.”
The bank said their clearing broker wouldn’t accept orders for expert market issues. No word back from the OTC Link ATC broker yet.
Any thoughts on the preferred on CORR? It is falling like a rock and the price is at ~18.5. the yield is over 9%.
Their is not doing that well but what is the probability of going out of business or stop paying dividends on the preferred?
Buy, hold or sell?
PS I am a holder of CORR-A.
I feel your pain – closed today under $18.
Setting aside the specifics of the SEC Commissioners’ letter, is it common for people in this role to criticize the SEC Chair in public while actively serving under said Chair?
In this era of polarization, criticizing people from the other political party is now common regardless of the circumstances.
Also, I wouldn’t say the commissioners who are not the Chair “serve under” the Chair. This would be like saying Dem appointed SCOTUS judges “serve under” Chief Justice Roberts.