PCLN » Topics » 10. REDEEMABLE PREFERRED STOCK

This excerpt taken from the PCLN 10-Q filed Aug 7, 2008.

11.          REDEEMABLE PREFERRED STOCK

 

In January 2007, Delta Airlines, Inc. exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock.  In the three months ended March 31, 2007, the Company issued a final pro-rated dividend to Delta Airlines, Inc. in the amount of 34,874 shares of common stock, resulting in a non-cash dividend charge of $1.6 million.  The exercise of the warrant was a non-cash transaction.

 

This excerpt taken from the PCLN 10-Q filed May 9, 2008.

11.          REDEEMABLE PREFERRED STOCK

 

In the three months ended March 31, 2007, Delta Airlines, Inc. exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock, and the Company issued a final pro-rated dividend to Delta Airlines, Inc. in the amount of 34,874 shares of common stock, resulting in a non-cash dividend charge of $1.6 million.  The exercise of the warrant was a non-cash transaction.

 

This excerpt taken from the PCLN 10-Q filed Mar 10, 2008.
REDEEMABLE PREFERRED STOCK

 

In the first quarter of 2007, Delta Airlines, Inc. exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock, and the Company issued a final pro-rated dividend to Delta Airlines, Inc. in the amount of 34,874 shares of common stock, resulting in a non-cash dividend charge of $1.6 million.  The exercise of the warrant was a non-cash transaction.

 

This excerpt taken from the PCLN 10-Q filed Mar 10, 2008.
REDEEMABLE PREFERRED STOCK

 

In the first quarter of 2007, Delta Airlines, Inc. exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock, and the Company issued a final pro-rated dividend to Delta Airlines, Inc. in the amount of 34,874 shares of common stock, resulting in a non-cash dividend charge of $1.6 million.  The exercise of the warrant was a non-cash transaction.

 

 

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This excerpt taken from the PCLN 10-Q filed Mar 10, 2008.
REDEEMABLE PREFERRED STOCK

 

On January 12, 2007, Delta exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock.  On February 6, 2007, the Company issued a final pro-rated dividend to Delta in the amount of 34,874 shares of common stock, and recorded a non-cash dividend charge of $1.6 million for the three months ended March 31, 2007.

 

In February 2006, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock, and recorded a non-cash dividend charge of $865,000 in the three months ended March 31, 2006.

 

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This excerpt taken from the PCLN 10-Q filed Aug 8, 2007.

10.         REDEEMABLE PREFERRED STOCK

In the first quarter of 2007, Delta Air Lines, Inc. exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock, and the Company issued a final pro-rated dividend to Delta Air Lines, Inc. in the amount of 34,874 shares of common stock, resulting in a non-cash dividend charge of $1.6 million.  The exercise of the warrant was a non-cash transaction.

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This excerpt taken from the PCLN 10-Q filed May 10, 2007.

10.          REDEEMABLE PREFERRED STOCK

On January 12, 2007, Delta exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock.  On February 6, 2007, the Company issued a final pro-rated dividend to Delta in the amount of 34,874 shares of common stock, and recorded a non-cash dividend charge of $1.6 million for the three months ended March 31, 2007.

In February 2006, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock, and recorded a non-cash dividend charge of $865,000 in the three months ended March 31, 2006.

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This excerpt taken from the PCLN 10-K filed Mar 1, 2007.

15.          REDEEMABLE PREFERRED STOCK

In 2001, the Company issued Delta Air Lines, Inc. (“Delta”) 80,000 shares of Series B Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”) and warrants (the “Warrants”) to purchase approximately 4.5 million shares of the Company’s common stock at an exercise price of $17.81 per share.  The exercise price of the Warrants is paid by surrendering .0178125 shares of Series B Preferred Stock for each share of the Company’s common stock purchased.

The Series B Preferred Stock was subject to mandatory redemption on February 6, 2007.  The Series B Preferred Stock accrued dividends payable in shares of the Company’s common stock at a rate of 11% per annum commencing February 6, 2001. Dividends on the Series B Preferred Stock were payable semi­annually on February 6 and August 6 of each year starting August 6, 2001.

During 2001, Delta exercised Warrants to purchase approximately 3.1 million shares of the Company’s common stock and on January 29, 2002, Delta exercised Warrants to purchase 666,667 shares of the Company’s common stock. As a result, there were 13,470 shares of Series B Preferred Stock outstanding with an aggregate liquidation preference of approximately $13.5 million and the Company’s future semi-annual dividend requirement was 40,240 shares of common stock.  In accordance with the terms of the Series B Preferred Stock, the Company delivered to Delta the required shares of the Company’s common stock as dividend payments. The Company recorded non-cash dividends of approximately $1.9 million, $1.9 million and $1.5 million for the years ended December 31, 2006, 2005 and 2004, respectively.

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On January 12, 2007, Delta exercised warrants to purchase 756,199 shares of the Company’s common stock by surrendering 13,470 shares of Series B Preferred Stock, representing all of the remaining outstanding shares of Series B Preferred Stock.  On February 6, 2007, the Company issued a final pro-rated dividend to Delta in the amount of 34,874 shares of common stock.

This excerpt taken from the PCLN 10-Q filed Nov 9, 2006.

11.          REDEEMABLE PREFERRED STOCK

In August 2006 and 2005, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock.  As a result, the Company recorded a non-cash dividend charge of $1.1 million and $976,000 in the third quarter of 2006 and 2005, respectively.  The non-cash dividend charge amounted to $1.9 million in each of the nine month periods ended September 30, 2006 and 2005.

This excerpt taken from the PCLN 10-Q filed Aug 9, 2006.

11.          REDEEMABLE PREFERRED STOCK

In February 2006 and 2005, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock.  As a result, the Company recorded a non-cash dividend charge of $865,000 and $878,000 in the first quarter of 2006 and 2005, respectively.

This excerpt taken from the PCLN 10-Q filed May 10, 2006.

11.  REDEEMABLE PREFERRED STOCK

In February 2006 and 2005, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock. As a result, the Company recorded a non-cash dividend charge of $865,000 and $878,000 in the first quarter of 2006 and 2005, respectively.

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This excerpt taken from the PCLN 10-Q filed Nov 9, 2005.

12.          REDEEMABLE PREFERRED STOCK

 

In August 2005 and 2004, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock.  As a result, the Company recorded a non-cash dividend charge of $976,000 and $740,000 in the third quarter of 2005 and 2004, respectively.

 

This excerpt taken from the PCLN 10-Q filed Aug 9, 2005.

12.          REDEEMABLE PREFERRED STOCK

 

In February 2005 and 2004, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock.  As a result, the Company recorded a non-cash dividend charge of $878,000 and $772,000 in the first quarter of 2005 and 2004, respectively.

 

This excerpt taken from the PCLN 10-Q filed May 10, 2005.

12.                             REDEEMABLE PREFERRED STOCK

 

In February 2005 and 2004, the Company issued Delta Air Lines, Inc. a dividend on the Series B Redeemable Preferred Stock in the amount of 40,240 shares of the Company’s common stock. As a result, the Company recorded a non-cash dividend charge of $878,000 and $772,000 in the first quarter of 2005 and 2004, respectively.

 

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