This question follows from: What does it mean for a company to redeem its preferred stock?
If I own a preferred stock and the issuer chooses to exercise its right to call, how does the redemption take place?
Am I contacted by the company and/or the brokerage house to perform a "sell" transaction?
Or will these shares automatically "vanish" from my account and be replaced by cash (redemption price times the number of shares)?
Or something else?