First-preferred stock is an equity ownership that has seniority over preferred and common stock, particularly with respect to dividends and assets. First-preferred stock is also superior to second-preferred stock, but is subordinate to debt holders.
Preferred stock holders typically have no voting privileges. However, they have priority over other subordinate forms of equity for dividends and claims on the company's assets in the case of liquidation. However, often times there are no assets remaining after a bankruptcy or liquidation after debt holders have been paid back.