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Tenneco convertible preferred versus common questions
Investor asks whether to convert a $5.36 preferred into 3.6 shares of Tenneco common through 1973, with later conversion at 3.27 shares for five years and 2.95 afterward. Market hints suggest the spread remains narrow, with potential price moves. arguments exist for staying in the preferred for seniority and earnings coverage, but risk and tax implications merit caution. A reader contemplates selling holdings to pay mortgage, planning retirement, and seeking tax-exempt bonds or fixed income as staged income.
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Tenneco
Dan
Tenneco Common