After reading the book, it seems to me that this is a fine example of what is wrong with Corporate America (no common sense). When you are flush with cash for several years (like after WWII & into the early 60's like IH's was) and you pay huge dividends on your preferred stock (like IH did)and then things get a little tough & you need operating cash, you don't continue pay dividends at the same rate per share on your preferred stock. To compound the problem, don't borrow money for R&D and then borrow some more in the same fiscal year, so you can still pay dividends on your preferred stock at the same rate per share that you did during the flush years. BTW, if you look at this carefully, I believe the author indicates that board of directors for IH and much of the management controlled most of the preferred stock. (Just my $0.02 worth. jal-SD)
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