CORPORATIONS - UNORTHODOX PREFERRED STOCK PROVISIONS IN PRIORITY LITIGATION

Authors

Elbert R. Gilliom, University of Michigan Law SchoolFollow

Abstract

To one who has accumulated sufficient savings to earn the position of a prospective purchaser of corporate securities there is presented an impressive and somewhat mystifying list of interests from which he may choose, advisedly or otherwise. Between orthodox common stock at one extreme and secured bonds at the other, ranges an endless variety of stocks embodying some bond characteristics, bonds bearing stock attributes, and a welter of certificates professing to be neither stocks nor bonds. Because individual sources of funds needed for industry do differ in their convictions as to relative advantages of different characteristics of securities, issuing corporations, in an effort to attract every available dollar under every imaginable market or credit condition, over a long period of time have devised the amazing spectrum of hazily distinguishable investments currently displayed to potential purchasers.

Recommended Citation

Elbert R. Gilliom, CORPORATIONS - UNORTHODOX PREFERRED STOCK PROVISIONS IN PRIORITY LITIGATION, 36 Mich. L. Rev. 96 (1937).
Available at: https://repository.law.umich.edu/mlr/vol36/iss1/7