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| going-out-of-business payouts (Like common shares, preferred stock represents a piece of ownership in a company–but that's where the resemblance ends. As the name suggests, preferred stockholders receive preferential treatment in two very important ways: They have first dibs on dividends, and they are at the head of the line for going-out-of-business payouts, should the corporation face bankruptcy and liquidation. aldrignedigen) | |||