RE:Ok for the explanationYa you're right. As per the original proposal, the pref distributions can be "deferred" at the discretion of the company. Then, if a distribution is deferred, the company is not obligated to make up that payment. Instead, they can "voluntarily" make the distribution.
Why would they ever voluntarily make a distribution? What is stopping them from deferring every distribution and not voluntarily paying it?
Any input?