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Chapter 12 Warrants and rights.


Warrants and rights are essentially long-term and short-term call options, respectively, to purchase shares of the stock of the corporation issuing the warrants or rights. That is, similar to regular call options, they give the owner the right for a specified period of time to purchase a specified number of the company's shares of stock at a specified price (the exercise, subscription, or strike price).

In contrast with listed call options, which typically give the owner the right to purchase 100 shares of the underlying stock, each right typically gives the owner an option to buy a fraction of a single share of the company's stock. Consequently, it generally requires several rights to purchase one additional share of the stock. Similarly, warrants generally do not give the owner the right to buy 100 shares of the stock. Warrants may give the owner the right to buy one or some other number of shares. In addition, in some cases the exercise price may not remain level throughout the term until expiration, but rather increase at scheduled times and in scheduled amounts throughout the term until it expires. Finally, in-the-money warrants may be callable. Corporations may sometimes call the warrants to force their exercise before the end of the specified term.


1. Corporations typically issue rights (sometimes called subscription rights) when the corporation plans to raise funds by selling additional shares of common stock to the public. Every current stockholder is typically given one right for each one share of stock they own (although, as mentioned above, each right may in turn only allow the purchase of a new partial share). These rights give the current stockholders the opportunity to buy shares of the new stock issue at a predetermined price for a very short period of time. Typically, the life of a right is just a few weeks and the exercise price is virtually always set "in the money," or somewhat below the subscription price of the new shares to the public, to encourage the purchase of additional shares.

2. Shareholders who wish to maintain their proportionate ownership of the firm can exercise their rights and purchase new shares at the price specified by the rights. Stockholders who do not wish to exercise their rights may sell them for cash before they expire (if there is an open market for them--this is usually, but not always, the case). If they do not sell them before they expire and do not exercise them, they expire worthless, similar to other options.

3. Corporations sometimes issue warrants in conjunction with new bond issues or preferred stock issues. These warrants give the bond or preferred stock purchaser what is sometimes called "an equity kicker," making the bond or preferred issue more attractive to buyers by allowing the owner the opportunity to someday exercise the warrant and enjoy the potential appreciation of the underlying stock. In addition, issuing the bonds or preferred stock with warrants will usually lower the interest rate or dividend rate necessary to sell the issue (because prospective purchasers will accept a slightly lower interest rate because of the extra income potential of the equity kicker). This lowers the company's cost of debt service or the payments required on the preferred stock. Therefore, it is an especially useful borrowing technique for young, potentially fast-growing companies whose current cash flow is dearly needed for their current operations and growth. The warrants are generally issued with an out-of-the-money exercise price and an expiration date ranging from three to five years (sometimes longer). As a result, in contrast with rights, the warrants have a speculative premium that is valuable to the owner, but they cannot be immediately exercised profitably. Consequently, there is no immediate dilution of the stock (or the concomitant dilution of control of the corporation).

4. Corporations, especially young, start-up firms or fast-growing firms, will sometimes issue warrants in lieu of cash payments for investment banking, legal, and other services. Once again, this is a technique that permits the firm to acquire needed services while preserving current cash flow for growth and operations. In addition, if the firm is growing successfully as time passes, the warrants provide a future source of equity financing.

5. For investors, warrants have virtually all the same characteristics and may serve most of the same objectives as call options or Long-Term Equity Anticipation Securities (LEAPS--options with expiration terms as long as 2 years and 8 months):

a) When they wish to speculate on an upward movement in the value of the stock;

b) When they wish to create a leveraged situation, since the price of the warrant will virtually always be less than the current value of the stock into which it can be converted;

c) When they have limited funds, but still wish to participate in the potential gains in a firm's stock; and

d) When an investor has sold the stock short, but wishes to hedge his position in the event the stock appreciates in value.


1. Rights provide current shareholders with the opportunity to retain their proportionate ownership and control of a firm.

2. Rights help to increase the likelihood for the corporation that the new issue of stock will be fully subscribed.

3. Warrants provide the owner with the opportunity to participate in the potential appreciation of the stock with a small investment relative to the cost of purchasing the number of shares into which it may be converted.

4. The low unit cost of warrants, relative to the price of the firm's stock, creates leverage and enables an investor to magnify potential gains for a given level of investment.

5. Like other securities, warrants can be sold short to take advantage of an anticipated decline in the value of the underlying stock. This is somewhat analogous to writing a call option, except that the transaction is subject to the short-sale margin requirements.


1. The administration of the rights offering may slightly increase the corporation's cost for a new stock issuance.

2. In a similar manner to call options, warrants offer no current income; they pay no dividends.

3. Although warrants enable the owners to purchase shares of stock, they carry no voting rights (until the warrants are exercised and the underlying stock is acquired).

4. If the warrant has an expiration date, the risk of being stuck with a valueless asset increases as that date approaches.

5. Leverage is a two-edged sword. Especially if a warrant is in-the-money (the exercise price is less than the current market value of the stock into which it may be converted), downside moves by the stock price will result in a more than proportional percentage downward move in the value of the warrant.

6. In some cases, in-the-money warrants may be called by the company to force exercise before the scheduled end of the term of the warrant.


Stock Rights

When stock rights are distributed to an investor, the investor is generally not required to recognize the receipt of the stock rights as a taxable event. (1) But if the stock rights are exercised or sold, the investor must refigure his tax basis in the stock by allocating part of the basis in the existing stock to the stock rights (providing cost basis f the rights themselves are sold). The allocated basis of the stock rights is in turn added to the cost of the stock acquired at exercise (if the investor chooses to exercise the rights). The allocation is based on the relative fair market values of the stock and the stock rights at the time the stock rights are distributed. The basis of the stock rights is increased, and the basis of the existing stock is decreased, by the proportional value of the stock rights to the total value of the existing stock and the stock rights.

Example 1: An investor owns stock in a company and receives a distribution of stock rights to purchase additional shares at $36 per share. At the time of the distribution, the fair market value of the stock is $36 and the fair market value of the rights is $9. The basis allocation is determined by examining the relative value of the rights ($9) to the total value of the existing stock and the rights ($9 + $36 = $45). Therefore, the basis allocation ratio for the stock rights is $9 / $45 = 20%, and the remaining 80% of the basis would be allocated to the existing stock. Thus, if the existing stock had a basis of $20, it would be reduced to $16 ($20 x 80% = $16). The basis of the rights would be $4 ($20 x 20%). If the rights were exercised, the cost basis of the rights would be added to the delivered new shares, for a total cost basis of $40 ($36 + $4 = $40).

If the fair market value of the rights is less than 15% of the fair market value of the underlying stock on the date of distribution, investors do not make any basis allocation (and the basis of the stock rights is $0) unless they take action and make an irrevocable IRC Sec. 307(b)(2) election to do so. They must file this election with their tax returns for the year of the stock rights distribution.

Example 2: An investor owns stock in a company and receives a distribution of stock rights to purchase additional shares at $36 per share. At the time of the distribution, the fair market value of the stock is $36 and the fair market value of the right is $4. There is no basis allocation because the value of the right ($4) is less than 15% of $36 ($5.40). The cost basis of the rights will be $0.

Example 3: Continuing the previous example, the investor makes an irrevocable 307(b)(2) election to allocate part of his stock basis to the stock rights. Assume the investor's stock basis is $20 per share. The investor allocates 10% or $2 ($4/($4 + 36)) per share to the stock rights and 90% or $18 per share to the existing stock. The investor's total basis in each share of stock acquired through the exercise of the stock right will be $38 per share.

Long-term or short-term capital-gains treatment depends on the holding period.

* If investors sell their rights, the holding period for that gain begins with the date they acquired the original stock. (2)

* If investors exercise their rights and then sell the new stock they acquire, they have a short-term gain, because the holding period for the stock begins on the date of the exercise of the rights and the acquisition of the new shares. (3)

Example 4: An investor owns stock purchased in June 1998. In June 2004, the investor receives stock rights to purchase additional shares. If the investor sells the rights two weeks later, she has a long-term gain or loss based on a holding period of six years (and based upon the cost basis determination as explained above). If she exercises the rights and then sells the stock she acquired from the exercise a month later, she has a short-term capital gain or loss based on a holding period for the new stock of one month.

If investors foolishly permit stock rights to expire unexercised, they recognize no gain or loss. (4) Thus, a right that is about to expire out-of-the-money leaves an investor with a choice: 1) to sell, allocate basis away from the stock to the right (facing a larger gain or smaller loss upon future sale), and take a loss on the sale of the rights immediately; or 2) to allow the right to expire worthless, and maintain a higher basis in the existing stock. Note that if the existing stock had already been held for more than one year (thus becoming eligible for long-term capital gains treatment), then a sale of the worthless right for a loss will be a long-term capital loss, subject to the capital loss restrictions. But in most situations, even a current long-term capital loss that may be carried forward is likely better than simply retaining higher basis in the existing stock, which may not be sold until the distant future.


Warrants are taxed under the same general rules as options, when acquired other than as employment compensation or as compensation for services:

1. No gain or loss is recognized when a warrant is acquired.

2. The warrant holder recognizes gain or loss when (a) the warrant period ends and the warrant expires unexercised; or (b) when the option is sold. If the warrant is exercised, usually there is no taxable event.

3. When a warrant is sold or expires, the character of gain or loss is generally as a capital asset (although this can vary depending upon the underlying property that is the subject of the warrant, and is not applicable if the holder is a dealer in securities).

4. When warrants are issued in conjunction with a bond offering (or preferred stock offering), the investors who purchase the bonds (or preferred stock) generally must allocate their basis in the bonds (or preferred stock) and the warrants in proportion to their respective market values when purchased or received (in a similar manner to that determined above for stock rights).

5. When a warrant is exercised, the stock basis is the exercise price increased by the premium paid (or basis allocated per item 4 above) for the warrant, if any, and transaction/commission costs. The stock's holding period begins on the date of acquisition. (5) The taxpayer cannot tack on the holding period of the warrant prior to its exercise.

6. Warrants received as compensation for employment or as compensation for services for the company are generally taxable as ordinary income at their fair market value on the date of receipt. This value then constitutes the basis in the warrants.


1. Although much shorter in duration, call options otherwise have virtually the same characteristics as warrants. They enable the owner to purchase a certain number of shares of stock at a fixed price for a given period of time. They also provide similar leveraging opportunities and the ability to participate in the "action" of the stock at less than the full cost of buying the shares outright.

2. LEAPS (Long-Term Equity Participation Securities) are long-term listed options with expiration terms up to 2 years and 8 months--closer to the usual term of warrants. These instruments have characteristics quite similar to warrants and other call options.

3. With the advent of single-stock futures (SSFs), certain combinations of long and short positions in SSFs, straddles, or spreads, permit investors to create a "package" or "synthetic" investment with the risk, return, and leverage characteristics comparable to that of options or warrants on individual stocks.

4. If the primary interest of the investor is simply to maintain proportionate ownership in the underlying stock for investment or control purposes, he can (generally) always purchase the underlying stock itself on the open market.


1. Rights are originally issued to the current shareholders of the company planning to raise new funds through a new stock offering. But the investment banker or underwriting syndicate handling the new issue usually makes a secondary market for the rights to permit existing shareholders who prefer not to exercise their rights to sell them to other current shareholders or to outside investors.

2. Warrants are originally issued along with new issues of bonds or preferred stock, as an "equity kicker." In addition, depending upon the size and strength of the issuing company, where its stock is listed or traded, and the number of the specific warrants in the market place, warrants may be listed on organized stock exchanges, listed on the NASDAQ, or traded over the counter. For small companies with relatively small numbers of warrants issued, the investment banking firm that originally assisted with the issuance generally makes a market for the warrants.


1. Rights are given to existing shareholders at no direct cost. There is also no commission paid upon the exercise of rights to purchase new shares of stock. There is a relatively small commission paid to sell or buy the rights in the secondary market created by the investment banker or syndicate handling the new issue of stock.

2. Warrants received along with a purchase of new bonds or preferred stock have no additional cost--they are simply acquired as an attachment to the purchased bonds or stock. Warrants bought or sold on listed exchanges, on the NASDAQ, or over the counter are subject to the same types of commissions as other securities.


Obviously, since warrants are essentially equivalent to long-term call options, the criteria for selecting the best warrants are similar to those for selecting the best call options. Warrants for stocks of companies with strong growth potential and low dividend payout ratios offer the most promising returns. For trading purposes, warrants with longer terms until expiration and for companies whose stocks are more volatile offer a greater chance of significant movements in the value of warrant.

Likewise, since rights are very similar to short-term call options, the criteria for selecting the best rights are similar to those for selecting the best short-term calls. Because of their short-term nature, rights purchased in the secondary market are usually purchased as a leveraged mechanism to speculate in the short-term movements of a stock. Rights that were originally distributed directly to an investor might be sold to enjoy a slight premium for the speculative value of the rights (although, because of the short-term nature of rights, this speculative premium will likely be very small, or simply non-existent), over and above the in-the-money exercise value, if they can be sold at a higher after-expenses/after-commission cost. In addition, the rights can be exercised at any point to acquire the underlying stock for its future growth potential, or to receive the stock for immediate sale.


Warrants are somewhat of a niche area of specialization within the investment community and there is generally much less information available regarding warrants than options and other types of securities. But the large brokerage firms have specialists who concentrate on warrants (and generally options and LEAPS) and they occasionally publish reports on warrants. (http://www.stockwarrants. com) advertises on its home page that it "is the internet's only coverage/analysis service for American warrants. In fact, you won't find better overall coverage of the stock warrant universe in any media."


Question--What is the value of a right?

Answer--If a firm that currently has 18 million shares of stock outstanding wants to issue and sell an additional two million shares, it might initiate a rights offering. The firm issues 18 million rights, one for each share of currently outstanding common stock. There is no charge to the shareholders to receive rights. Under the terms of the rights offering, it would take 9 rights in addition to a set price for the stock to buy one share of the newly issued common stock.

Suppose the firm's common stock is currently selling for $60 a share and each right gives the owner the opportunity to purchase one-ninth of a new share of common stock at $55 a share. It then takes 9 rights plus $55, the subscription or exercise price, to purchase a share of the newly issued common stock. The rights have an expiration date, say two weeks after they are issued, during which the owners have the opportunity to exercise the rights.

Since the time until expiration is generally very short, rights typically have little or no speculative premium like other options. Consequently, the value of a right can be determined by the following approximation formula.

Value of a right (6) = Market price of the current_stock--subscription price of the new shares/Number of rights required to purchase one new share of stock + 1

Value of a right = $60 - $55/9 + 1 = 50 cents

As long as the price of the firm's stock remains at $60 a share, the value of each right will be 50 cents. For each 9 rights the investor has, the investor can add $55 and buy a share of stock currently worth $60 a share. If the investor chooses not to exercise the rights, it pays to sell them to other investors who will then buy shares of stock in the corporation.

Due to their short life span, rights do not offer much in the way of trading possibilities. But sale of the rights in the secondary market may allow the investor to harvest the value of the rights received, without actually having/using the cash that would be necessary to exercise the rights (e.g., $55 per 9 rights in the example above).

Question--What happens to a warrant if the company announces a stock split or pays a major stock dividend?

Answer--The exercise price of the warrant would be adjusted to reflect the stock split or stock dividend. If the warrant gave the holder the right to purchase one share of common stock for $100 a share before the two-for-one stock split, the holder would have a right to buy two shares of stock for $50 a share after the split. Just as the underlying total value of a stock does not change after a stock split, the underlying total value of a warrant will not change as well. But a change in the average share price (due to the stock split or stock dividend) could affect the overall liquidity or trading tendencies of the stock, which may ultimately affect the speculative premium associated with the warrant.

Question--How is the fundamental value of a warrant determined?

Answer--As with all stock derivatives, warrants derive their value from the price of the underlying common stock. Similar to options, warrants possess what is called a fundamental (or intrinsic) value. In addition to this, warrants (and other options) also possess a time (or speculative) value, which is often called the warrant premium. Whenever the market price of the underlying common stock is equal to or higher than the warrant's exercise price (the warrant is in the money), the fundamental or intrinsic value of the warrant is positive and can be determined by the following equation:

Fundamental value of a warrant = (M - E) x N

The terms in the equation are defined as follows:

M = The current market price of the common stock.

E = The exercise price of the warrant.

N = The number of shares of common stock that the holder can acquire with one warrant.

For example, suppose that a corporation's common stock has a current market price of $80, the corporation has warrants outstanding with an exercise price of $74, and that it takes one warrant to purchase one share of common stock. Using these numbers in the equation above, we can see that the fundamental value of a warrant equals $6 ($80 - $74) x 1.

In other words, at the current price of the common stock, $80 per share, each warrant (with an exercise price of $74) is worth $6; that is, it has a fundamental value of $6.

Notice that as the market price of the underlying stock increases, the value of the warrant goes up dollar for dollar with the stock price. This happens as long as the current market price of the stock at least equals or exceeds the exercise price of the warrant and that one warrant can be exchanged for one share of common stock. If the price of the common stock goes from its current level, $80 a share, to $86 a share, the stockholders will receive a 7.5% increase in the value of their investment. But the fundamental value of the warrant will go from $6 to $12, a doubling in its value. It is immediately apparent that there is a much greater potential for gain in the warrants than in the common stock.

In addition to the fundamental value of the warrant, as determined above, bear in mind that the warrant will also have some additional value attributable to the speculative value, or warrant premium.

Question--What is a warrant premium?

Answer--The equation in the previous question was used to show how the fundamental value of a warrant is computed. In the market place, But warrants are rarely priced that way. The market price of a warrant usually exceeds its fundamental value. For instance, a warrant with a negative fundamental value will always trade for some positive price until it expires. Also, warrants with positive fundamental values often trade at much higher market prices than their fundamental value. This difference between the fundamental value of a warrant and its market price is known as warrant premium.

Question--Why do warrants trade at a premium?

Answer--The reason warrants trade at a premium is that warrants have speculative value. The size of the premium is directly related to the time the warrant has until expiration and the volatility of the underlying common stock. For the most part, the longer the time a warrant has to expiration and the more volatile the underlying common stock, the greater will be the size of the warrant premium. Usually the amount of the warrant premium decreases as the fundamental value of the warrant increases. That is, as warrants increase in price, the speculative premium they command generally declines. This is because, as the fundamental value increases, the relative leverage of the warrant decreases--a $1 price increase has a lesser relative impact on a warrant with a $20 fundamental value (a 5% increase) than on one with a $5 value (a 20% increase). This decrease in the impact of price changes when fundamental value is high reduces the speculative value and, accordingly the speculative premium, of the warrant (because for a given level of price volatility, one cannot earn as large a relative profit through price speculation).

The value of a warrant (and many other publicly traded options) is commonly measured by the Black-Scholes method. This formulation incorporates the value of the warrant's (or other option's) fundamental and speculative value. Although there are many criticisms to the Black-Scholes method, particularly regarding options that are not publicly traded (such as many types of restricted employee stock options), it is still the most common method used to evaluate publicly-traded options, including warrants.

Question--Why buy the warrant instead of the stock?

Answer--Investors buy warrants instead of the stock for the following reasons:

* Lower unit cost;

* Greater price volatility (for speculative leverage); and

* Potential for higher rates of return on investment.

For example, assume the current price of the common stock of XYZ Corporation is $70; the exercise price of a warrant to purchase one share of XYZ is $65; and the current price of the warrant is $10 (selling at a $5 premium).
                               XYZ COMMON            XYZ WARRANT

Current price                     $70                    $10
Price after the common
  increases by $10                $80                    $20
Change in market price            +$10                   +$10
Percentage change
  in price                 $10 / $70 = 14.3%       $10 / $10 = 100%

The rate of return provided by the warrant is substantially higher than provided by the common stock. If the investor is confident in the long-term prospects of XYZ (within the term limit of the warrant), his rate of return is potentially higher by purchasing an XYZ warrant rather than XYZ common stock. In addition, if the investor seeks to speculate on short-term price movements in XYZ common stock, he can earn a substantially higher short-term return through the "leverage" obtained by purchasing an XYZ warrant.

But it is critically important to bear in mind the possibility for an adverse result. If XYZ common stock were to decline, rather than increase, by $10/ share, the results are dramatically different.
                               XYZ COMMON            XYZ WARRANT

Current price                     $70                    $10
Price after the common
  decreases by $10                $60                     $0
Change in market price            -$10                   -$10
Percentage change in
  price                   -$10 / $70 = -14.3%     $10 / $10 = -100%

In this case, a $10 decline in the price of XYZ common stock could result in a 14.3% loss for an investor in XYZ common stock, but a 100% loss (the investor's ENTIRE investment amount) for the holder of XYZ warrant.

In point of fact, the investor would not likely experience an entire loss, because the warrant may still have a slight speculative value remaining, but the increased risk of warrants, as illustrated in the above scenario, should be evident.

Question--How do investors trade with warrants?

Answer--In general, warrants can be traded by aggressive investors to take advantage of the embedded leverage and magnify returns. For example, an investor wants to invest $7,000 to enjoy an expected rise in the price of XYZ common stock. If the investor purchases 100 shares of common stock with the $7,000 and the price of the stock rises by $10/share to $80, he will have a $1,000 capital gain for a 14.3% return on his investment. On the other hand, the investor could use the $7,000 to purchase 700 warrants. In this case a $10 increase in the price of the common stock will cause the warrants to go from $10 each to about $20 each. This gives the investor a 100% increase in his original investment--a total return of $7,000 on his $7,000 investment (final proceeds = $14,000). So instead of receiving a $1,000 return, the investor receives a $7,000 return on the original $7,000 investment, for the same price increase. (NOTE: the warrant values in reality would likely be slightly higher than reflected here, as the warrant would have some speculative value as well--but the underlying point of leveraged investing still applies).

Question--What are the drawbacks of using this aggressive approach?

Answer--Warrants pay no dividends and the gains must be made before the warrants expire. Consider the potential exposure to loss of the investor described above. Instead of assuming the price of the stock increases by $10, suppose instead it decreases by $10. This slight decrease in price will wipe out the entire $7,000 of the warrants' fundamental value (and thus, aside from some small remaining speculative value, will wipe out the investor's entire $7,000 investment). But the $7,000 invested in the shares of the firm's stock will decrease only by $1,000. The market value of the investor's 100 shares would now be down to (only) $6,000.

Question--How can conservative investors use warrants?

Answer--Conservative investors can use warrants to reduce the amount they invest and to limit their potential losses, because of the reduced unit cost of warrants. For instance, instead of investing $7,000 to buy 100 shares of the common stock, the investor invests only $700 to buy 100 warrants. The $10 increase in the price of the common stock will give the investor who bought the stock a $1,000 capital gain. But the investor who purchased 100 warrants for $700 will also have a $1,000 capital gain on the same increase in the price of the underlying stock. On the down side, the conservative investor could lose no more than the investor's initial investment of $700. A person who invested $7,000 in the stock, however, could lose much more than $700 if the price of XYZ common stock decreases below $63 per share.

Question--I have a warrant that seems to fit the description of a stock right. Which is it?

Answer--The market occasionally intermixes the terms of warrant and stock right. In practice (and for tax purposes), the controlling factor is generally how the option was actually obtained. If it was received as compensation or as part of the purchase of a corresponding debt instrument or preferred stock, it is a warrant. If the options were distributed to existing shareholders as an opportunity to purchase additional shares, they are stock rights. Occasionally individuals will receive stock rights that are "labeled" as warrants.


(1.) Generally, stock rights distributions are nontaxable. But in rare instances a rights distribution will be taxable--this is the case if the investor is given the choice between receiving rights or other property, such as cash. In this case, the rights distribution itself is treated as a dividend to the extent of the fair market value of the rights (and subject to certain restrictions based upon the earnings and profits of the corporation).

(2.) IRC Sec. 1223(5).

(3.) IRC Sec. 1223(6).

(4.) Rev. Rul. 74-501, 1974-2 CB 98.

(5.) IRC Sec. 1223(6); Weir v Comm. 10 TC 996 (1984) ajj'd per curiam, 172 F.2d 222 (3d Cir. 1949).

(6.) The denominator must equal the number of rights required to purchase a new share + 1 in order to adjust for the effects of dilution. The current market value of the company's shares is 18 million x $60 = $1.08 billion. If 2 million shares of stock are issued with a subscription price of $55 per share, the additional value of this new capital to the firm equals 2 million x $55 = 110 million. Therefore, the total market value of the firm should be close to $1.19 billion. If $1.19 billion is divided by 20 million shares, the resulting market value per share should be $59.50. In other words, the value of the shares after the rights expire have to equal the value of the shares before the rights expire less the value of the expired rights, assuming that all rights are exercised.
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Title Annotation:Tools of Investment Planning
Publication:Tools & Techniques of Investment Planning, 2nd ed.
Date:Jan 1, 2006
Previous Article:Chapter 11 Preferred stock.
Next Article:Chapter 13 Stock options.

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