21.   The per-share figures reflect the dividends paid to preferred shareholders.

22.   The per-share figures reflect the payment of dividends to preferred shareholders.

23.   The preferred shareholders in that case would probably suffer substantial losses.

24.   The preferred shareholders rank further back among the creditors.

25.   Those included walking away from the bid, acceding to the demands of the preferred shareholders, or seeking some third solution.

26.   To the consternation of Western investors, preferred shareholders would not have had the right to buy common shares.

27.   TWA said it also had reached agreement with an informal committee of its preferred shareholders.

28.   However, existing common equity and preferred shareholders would not have participated in the new capital structure.