The difference between Origin's notes and Crowns, page-15

Good read - If James Packer privatises Crown Resorts, what will that do to hybrid owners?

http://www.copyright link/personal-...will-that-do-to-hybrid-owners-20160204-gmlxfq

"Packer himself owns $150 million of these securities so would he want to suspend payments of the coupons on them (and therefore dividends on his equity) for any length of time?
Maybe, but as Morgans CIMB points out, the "coupons are cumulative and need to be paid before any ordinary dividends can be paid to the equity investors".
If they are suspended, it would make it very difficult for Crown to come back cap in hand to the hybrid"