PFACP is a cumulative preferred issue traded on NASDAQ which took a dive last year from $18-$20 to $5 after they discontinued the dividend and said that they don't expect to reinstate it. Stock price has risen from $5s last December to $14.96 this month with no apparent reason. Last year PFACB was a big winner of a Thomas Ko who won a stock-picking contest after buying it on the sell-off over the dividend discontinuation. 10Q and 10Ks show biggest asset of PROFAC CO-OP is the 5 M shares of the $25 par preferred, mostly all PFACB. Common shares of PRO-FAC are closely held by the farmers who sell the crops to the co-op, which owns 40% of the $1+ B sales big frozen food company Birds Eye (U.S.). The stock looked interesting as a possible short (and shares are available at my broker) at $14.00 today. PRO-FAC owns 40% of Birds Eye, while a VC, Vestar, owns 55% of Birds Eye, with 5% owned by management so the Birds Eye shares are not traded. They bought it in 2002 and i can't figure out how that tiny farner's coop could buy 40% of Birds Eye, with about 30% of the U.S. frozen vegetable market. Deciphering their financials is a puzzle because even though both company's filings say that PRO-FAC owns 40% of Birds Eye, PRO-FAC does not show that equity ownership as an asset on their balance sheet. PRO-FAC's biggest asset is the 5 M shares of preferred stock with par value of $25, last trade at $13.90 today. With an accumulated deficit almost as large as the par value of the preferred, the "shareholder equity" of PFACB is about $2 a share. PFACB filings paint a very dim view of their financials with their only "income" being "termination payments" and "shortfall compensation" from Birds Eye, and they are coming to an end. Could (or would) PRO-FAC get a big windfall from Vestar selling off Birds Eye and then be redeeming all of PFACB for the $25 par value? Or, is this a shell game, and is PFACB a good short?