Hank owns 100 shares of cumulative preferred stock in Wayside Transport, Inc Kelsey owns 50 non-cumulative preferred shares, and Oleg owns 120 shares of common stock. Wayside does not pay dividends in 2007 . In 2009
a. Hank and Kelsey must receive their 2009 dividends before Oleg is paid any 2009 dividends.
b. Oleg cannot receive any 2009 dividends until Hank is paid for the 2007 dividends.
c. Kelsey cannot receive the dividends Wayside could not afford to pay in 2007 . She will just lose them.
d. All of the above.
d
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