doubleindemnity wrote:

If Yellow Media, which has the legal right to convert Pref A into about 13 shares, instead decides to pay out $250 million that it has no need to pay out, the directors of the company should expect to be sued. This would be a gross dereliction of their duty.

he forgets that yellow raised $250 million through the issuance of preferred a's and will soon need to pay that back....or does that logic only apply to unsecured creditors?