优先股

GIC's decision to convert came last week as the U.S. Treasury agreed to convert up to $25 billion of its own preferred stock to common shares in an effort to enhance Citigroup's capital base, giving the U.S. government roughly a one-third stake in the troubled banking giant.

新加坡政府投资公司上周决定转换花旗优先股，因美国财政部同意将所持的至多250亿美元花旗优先股转换为普通股，以使陷入困境的花旗集团增强资本基础，这将令美国政府持有花旗集团大约三分之一的股权。

The $25 billion preferred-equity stake that the Fed owns in two of AIG's insurance subsidiaries is also pretty safe: they may be worth as much as double that sum.

美联储持有的AIG两家保险分公司的250亿美元优先股同样也是相当安全的。这些优先股的价值或许是这个数目的两倍。

As Sandler O'Neill Partners analyst Jeff Harte noted this week,'MUFG will acquire $7.8 billion in perpetual non-cumulative convertible preferred stock, with a 10% dividend and a $25.25 conversion price, and $1.2 billion of perpetual non-cumulative non-convertible preferred stock, with a 10% dividend.

正如 Sandler O'Neill Partners 的分析师杰夫？哈特本周所指出的，三菱 UFJ 将购买摩根士丹利价值78亿美元的永久性非累积可转换优先股，股息率为10%，转换价为25.25美元，还将购买后者价值12亿美元的永久性非累积不可转换优先股，股息率为10%。

Series A Preferred Stock -$500 million of Series A Convertible Participating Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock")(which would not bear any mandatory dividends).

A 系列优先股-$ 500万美元 A 系列可转换优先股参与，票面价值为每股0.01美元（即" A 系列优先股"）（这将不承担任何强制性股息）。

If, upon such liquidation, dissolution or winding up of the affairs of the Company, the assets of the Company distributable among the Holders of Series A Convertible Preferred Stock and any other series of Preferred Stock ranking on a parity therewith in respect thereto or any class or series of capital stock of the Company ranking on a parity therewith in respect thereto shall be insufficient to permit the payment in full to all such Holders of shares of the preferential amounts payable to them, then the entire assets of the Company available for distribution to such Holders of shares shall be distributed ratably among such Holders in proportion to the respective amounts that would be payable per share if such assets were sufficient to permit payment in full.

在公司进行该等清算、解散或清盘事宜时，如果在拥有A系列可转换优先股的持有人和拥有任何其它系列优先股（其优先股等级与可转换的优先股等级相等）的持有人或拥有公司任何等级或系列股本（其股本等级与可转换的优先股等级相等）的持有人之间可分配的公司资产不足以对所有这些股票的持有人（对他们应优先进行款支付）进行全额支付，则公司可用来分配给这些股票持有人的全部资产应以每股假设在该资产能够进行全额支付时的情况下应分别支付的数额在这些持有人之间按比例进行合理地分配。

If, upon such liquidation, dissolution or winding up of the affairs of the Company, the assets of the Company distributable among the Holders of Series A Convertible Preferred Stock and any other series of Preferred Stock ranking on a parity therewith in respect thereto or any class or series of capital stock of the Company ranking on a parity therewith in respect thereto shall be insufficient to permit the payment in full to all such Holders of shares of the preferential amounts payable to them, then the entire assets of the Company available for distribution to such Holders of shares shall be distributed ratably among such Holders in proportion to the respective amounts that would be payable per share if such assets were sufficient to permit payment in full.

公司资产中有可用于在A系列可转换优先股，以及与A系列股等价的其他相关系列优先股或其他相关种类或系列的公司股本股东之间进行分配的部分，在公司事务清算、解散或停业时，如果这一部分资产不足以对上述持有优先可支付额的股东进行全额支付，那么公司应调用全部可用资产，如果这些资产足够进行全额支付，则应根据此类股东各自的每股派息额数量按比例分配。

Participation: After the payment of the Liquidation Preference to the holders of the Series A Preferred, the remaining assets shall be distributed ratably to the holders of the Common Stock and the Series A Preferred on a common equivalent basis; provided that the holders of Series A Preferred will stop participating once they have received a total liquidation amount per share equal to times the Original Purchase Price, plus any declared but unpaid dividends.

参与权：在支付给A系列优先股股东清算优先权回报之后，剩余资产由普通股股东与A系列优先股股东按相当于转换后股份比例进行分配；但A系列优先股股东一旦其获得的回报达到倍于原始购买价格以及宣布但尚未发放的股利，将停止参与分配。

Participation: After the payment of the Liquidation Preference to the holders of the Series A Preferred, the remaining assets shall be distributed ratably to the holders of the Common Stock and the Series A Preferred on a common equivalent basis; provided that the holders of Series A Preferred will stop participating once they have received a total liquidation amount per share equal to times the Original Purchase Price, plus any declared but unpaid dividends.

参与权：在支付给 A 系列优先股股东清算优先权回报之后，剩余资产由普通股股东与 A 系列优先股股东按相当于转换后股份比例进行分配。当公司退出价值低于优先清算回报时，投资人拿走全部清算资金。超过优先清算回报部分，投资人和普通股股东按股权比例分配。

The government will take warrants equivalent to 80 per cent of the common shares, and $1bn in senior prefered stock that outranks existing prefered shares issued by the groups.

政府将得到相当于80%普通股的认股权证，以及10亿美元高级优先股，这些优先股的地位高于这两家集团发行的现有优先股。

Even though many managers have seen dislocation coming since the end of last year, being fully invested prevented most of them from doing more than just tweaking their positions. During the first half of 2007, as $1,000 par institutional preferreds corrected and $25 par retail preferreds held fairly steady, managers sold a bit of the latter and overweighted the cheaper institutional securities.

虽然很多基金经理在去年年底就预计到市场混乱的来临，但由于他们已经全仓投资，因而别无选择，只能缩减头寸。2007年上半年，随着1000美元面值的机构型优先股回调，而面值25美元的散户型优先股相对持稳，基金经理卖出了一些散户型股票，增持了相对便宜的机构型优先股。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。