Preferred Stock Carry Trade

[nnayyar]

I've been watching the performance of MHR Series C preferred shares with much interest. I was just curious if anyone actively trades/invests in preferred securities. In particular, does anyone perform any 'carry' type strategies. Consistent profit but with occasional risk of blow up a la merger arbitrage in this space? Perhaps some type of dividend capture? Very general question to the audience as I research this strategy.