Prior Preferred Stock - Prior preferred stock is preferred stock which has a higher claim than regular preferred stock, from the same company. The rights on prior preferred stock are usually on dividend (prior preferred stock gets paid before preferred stock and before common stock) and in case a firm goes bankrupt they get paid in assets before preferred stock holders and common stock holders, but after the debitors. Preferred stock is common in private or pre-public companies. Government rules and the rules of stock exchanges may discourage or encourage trading of preferred stock. In the United States two kinds of preferred stock are commonly used; straight preferred and convertible preferred stock.
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