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mods - pls sticky!!!!
why would i misrepresent?
you are really confused- nomura assumes 100% jps converts @ offering price of common
this is a joke, right? you really think fairholme bought the pref for eventual yield? thx for laugh
ummm, an income investor only buys preferred’s that ARE PAYING income. why would anyone with investing iq > moron level think buying fannie freddie pref while in conservatorship has anything to do with income?
good luck, guys.
no one,i repeat,no one owns jps for yield.
truth hurts, huh
potty - how appropriate your alias!
classic case of 0 due diligence and 100% incorrect. people like you nauseate me
thx, will do
fwiw, their analysis:
sr pref cancelled
govt warrant exercised
100% of existing jps exchanged at discount to par
cap raise is a combo of new common, new sr pref @ fixed rate and new convertible pref callable (mandatory conversion) if common appreciates to target price above ipo
fwiw, their analysis:
sr pref cancelled
govt warrant exercised
100% of existing jps exchanged at discount to par
cap raise is a combo of new common, new sr pref @ fixed rate and new convertible pref callable (mandatory conversion) if common appreciates to target price above ipo
100% correct, but educated guess, though?
wish there was a way i could get it to you. curious to see your reaction
have you reviewed nomura’s jan report
you are 100% correct. they traded @ $22+ for same reason continuing, i ”think” eventual cap structure will be similar to nomura forecast with both cumulative pref and convertible pref and these older issues will all be gone
good luck, you’re gonna need it with this “game plan”
so hl and milbank a ruse too?
you are lost ... don’t know why you don’t get it that this solution leaves the sr pref outstanding
first, no capital raise w/o settlement of lawsuits. second, the capital raise infinitely easier if the existing jps exchanged into common
sensible and simple
makes no sense to have all of these various pref issues outstanding post recap ... the structure will be much simpler
disagree .. even if exchange rates for the various series are different - and that’s a BIG if because the more existing jps converts, the easier it is for the new capital to be raised - it requires 2/3/ approval of holders of each series. if holders of the floaters don’t like the terms, they won’t vote to exchange. and if not redeemed, pls tell me why would a AA rated floater yielding1% trade at big discount?
if my “worst” case is getting par from these levels, do i really care if i’m in wrong security and manually convert later
at this point much more concerned with timing of deal happening v being in wrong security. when deal finally happens we’re going to all do well from these levels
of course i agree. but still on same side of trade
look at what i wrote amelia
this common v pref animosity/argument also waste of time ... we are all going to be common shareholders at some point. either the pref gets exchanged via settlement or pref holders redeem at par and buy common with proceeds. COMMON GOAL - just different paths
why not write what is really going on ... houlihan-lokey working 24/7, law firm with similar contract to h-l about to be hired, calabria’s statement delay may only be few months, etc. i could go on and on but this is setting up as trade of the decade
get lost ... no one cares to hear your rants
for once, i agree with both of you
get lost, maloni
110% correct, even at a discount
99.9% would be tendered
go JP ... trade gonna make him famous again.
pagliara thinks the common goes up POST conversion ... which is what you have been accurately forecasting for a long time. thank you again for all your posts.
just saw this
bill maloni is TOTALLY clueless,
100% correct - large fund with significant gse pref position was liquidated.
acg has never been more positive that conservatorship about to end.
tier 1 assets - remember? same treatment as treas/agency. but the banks that sold were able to recoup part of loss b/c were able to take an operating loss i recall
do you know what a consent decree is?