Teekay Offshore: Better Support Was Sold Off; An 11%+ Yield Opportunity

RISK WARNING: The following preferred stock update concerns an offshore maritime midstream company which is higher risk and has an above average probability of loss. This has to be stated upfront. Conservative or risk-averse investors may not want to continue reading or to read the note with this fact in mind.
Okay, I feel like the surgeon general for the risk warning, but I believe it is appropriate. The following is about a company I am long (common and preferred) and I noticed an interesting price action which I believe warrants mention and consideration for at risk/high risk capital.
Teekay Offshore (TOO) is an international midstream services provider to the offshore oil production industry focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. TOO operates shuttle tankers, floating production, storage and off-loading ("FPSO") units, floating storage and off-take ("FSO") units, a unit for maintenance and safety ("UMS"), long-distance towing and offshore installation vessels and conventional crude oil tankers. As of September 30, 2018, their fleet consisted of 36 shuttle tankers (including six newbuildings which are scheduled for delivery in late-2019 through 2021, two chartered-in vessels and one HiLoad Dynamic Positioning unit), eight FPSO units, six FSO units, ten long-distance towing and offshore installation vessels, one UMS and two... Read more