In 1953, control passed from the preferred stockholders to the common stockholders.

The preferred stockholders would get 45 percent of the new stock and 5 percent would go to the new management team.

As a result, Shearson would become a preferred stockholder in the new company.

Under the plan, dividend payments to common and preferred stockholders would be stopped.

The preferred stockholders plan would have given the creditors a 50 percent stake in an Eastern independent of Texas Air.

At the outset, the plurality rejected the government's argument that the preferred stockholders did not have standing to bring the suit.

The preferred stockholders could not show the "irreparable injury" to their property rights necessary to obtain relief in equity.

In 1987, when the corporation earned $301 million, the preferred stockholders received $18.12 a share, up from $12.51 in 1985.

For the new business structure to take shape, however, Prime Retail's preferred stockholders had to agree to cash out their holdings.

Their plan proposed that the airline be owned by the unsecured creditors and the preferred stockholders.