Morris Nichols partner Andy Johnston coauthors the Bloomberg BNA Corporate Practices Series Portfolio, Preferred Stock. The recently revised treatise, updated on a roughly biennial basis, addresses the equity security with express contractual rights “superior” to those of common stock-often referred to as preferred stock. The authors set out the legal standards of governing preferred stock, offering guidelines for how to create, modify and appraise preferred stock. In addition, the authors discuss the myriad rights, preferences and powers that a preferred stockholder might possess-depending on how the company drafts the stock. Finally, the authors discuss the rights and duties that preferred stockholders and their board designees have vis-à-vis the company’s common stockholders.
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Andrew M. Johnston and Ryan J. Greecher, Preferred Stock, No. 99 Corporate Practice Portfolio Series (BNA).