What no one wants to say is that Goldman is going to do EVERYTHING to make certain that the preferreds do not receive a distribution. Yes, this is reprehensible but you know they have their attorneys trying to figure out how to make it so they maximize their return at the expense of everyone else. There is a reason why this does not trade at par + accrued. Just try and do a pro-forma balance sheet and unless you start making a myriad number of assumptions it is impossible.
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