We are a retired couple on a fixed income that purchased some Citigroup preferred stock, paying 8.25% quarterly dividends, that is callable in 2018. It appears, as of this moment, we could exchange our stock & sell the common stock and come out with our original investment amount. However, the common stock could also tank before we have access to it. Also, it is nice having the quarterly dividends that the preferred stock has paid so far.

What would you do?

Do not change anything!

I had 33 clients in Citi preferreds. We sold our positions in the two days prior to the announcement that the swap had been approved by shareholders (I don't believe that but we will never know the truth or the dynamics behind why someone would approve that mess), recovered most or all of original investment. What does hotshot ROLCAM say about his "guidance" today?

I'd say that guidance is exactly that: guidance. If we were all mind-readers like hotshot finanguy apparently is, we'd all be rich. ALL of us can look back at yesterday and know what we should have done.

Sorry if I was arrogant. My analysis was that if the large institutional investors (the only ones that matter in a proxy vote)chose to go with the swap, the equity of all common shares would be so diluted that you wouldn't see any share appreciation, never mind dividends, for some time. If they chose not to go with the trade, Citi would just arbitrarily stop the dividends, which they would since their cash flow is down (and sense of responsibility nonexistent). Just getting away from the "bad smell" situation was the only alternative. We won this one.

The apology of course does belong to Rolcam, but in case he doesn't come back, I will say that I appreciate it being given. :-)

I usually call it as I see it from a retired point of view.
Incidentally I am in Australia.