Kenneth Morgan Thomas, a Los Angeles investor...

Kenneth Morgan Thomas, a Los Angeles investor and vice president of Sutro & Co., controls about 7% or 78,000 shares of Todd Shipyard preferred stock, according to a filing with the SEC. Thomas paid $392,500 for the shares. Under covenants of the stock, shareholders may elect two directors if the company fails to pay dividends for six consecutive quarters. Thomas said that, as the sixth quarter approaches, he may present himself or someone else to represent him on the board, according to the filing.