In 2009, Warren Buffett invested $3 billion in Dow Chemical, via an issuance of preferred stock. Which of the following is NOT an advantage of preferred stock (to the owner of the preferred stock, not the company)?

In the case of bankruptcy, preferred stock holders get paid before common stock holders.

Even when common stock holders get no dividends, preferred stock holders may get dividends.

Preferred Stock is associated with ownership in the company, unlike debt.

Preferred Stock dividends must be in even-numbered percentages (2%, 4%, etc).