Charles, You want the Preferred of Pioneer not PDP.
There would not be any information on it until the company is formed.
Wish I had some MXP Pfd rather than all common. Believe your thought of exchanging Pfd for Pfd is correct, that's what I would do. You are right, you can sit back and get 8% while they are figuring out all the paperwork.
You do know that MXP is not really buying PDP but, the analogy will work better if you theorize it in that manner.
I also looked for info on PDP Pfd but could not find anything on the net. But, I have an answer for you anyway. They have only one class of Pfd, 6 1/4% and it is not exchange traded. It was issued by Goldman Sacks on 03-24-94 with 3.3M shares @ $50/shr, convertable to 1.7778 shares common. After May 30, 1977 PDP can force the conversion of the Pfd to common if the common is above $35/shr. The stock is a block entry only and is restricted, so that leads me to believe that it was a private placement. Current price is $57, with 30 days notice, PDP can call the Pfd, if called today by PDP they will get it back for $52 3/16. Hope that helps solve your inquiry. George |
