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Same. Changed from RuudG to HoldenWalker99 a couple weeks ago.
Yeah, I'm sure you would. Let me pass your note to Mark.
COMMON SHARES HAVE VALUE!
https://twitter.com/HoldenWalker99/status/1239566485955248130?s=20
Awful. Almost 1/2 of all JPS or ~$15 billion were sold within a year of the conservatorship. Those buyers for screwed and a lot of them were community banks.
Public service. Concern for fellow investors.
This is so sad.
Concerned citizen.
How do existing shareholders end up with 2.5b shares when they're currently 1.8b?
Common vs. preferred debate is over. Time to cut common losses (maybe gains if you're lucky) and move to preferred. There aren't enough catalysts and there's isn't enough time to built up the price before senior and junior preferred conversion. Not trying to be a jerk. Not a recommendation. But it's over. 3-5X returns on preferred at these prices; should be enough for you all.
Direct access to FHFA and Treasury, facilitated by their founder who held a prominent spot on Trump election team.
They do a good job explaining the situation despite fluid administration timelines and objectives.
IMO, after.
Unless Seila Law forces something in Collins.
No.
$124 billion is all payments related to NWS, so total of anything above 10%. Liquidation preference remains. No 10% moment treatment since it's not allowed per the PSPA.
Prejudgment interest in Court of Claims is ~2% and not required. https://twitter.com/HoldenWalker99/status/1217444336335572992?s=20
"Big Bang." All at once.
Based on what?
No one has challenged the Letter Agreements so far. What makes you think that someone will challenge them now?
Have you retained counsel?
Don't need PSPA amendment to lift cap. Just need another Letter Agreement.
There'll be another Real Vision / ACG interview available to the public shortly. Clients get information first. Then paid Real Vision subscribers. Then everyone else.
Great - thanks for update.
I'm quoting a document.
Are you sure that the drop is due to toilet paper hoarding and not related to the fact that the common shares are at the bottom of the capital structure and could be worth less than a roll of toilet paper after recap and release?
Feb. 25, Bloomberg interview: https://twitter.com/HoldenWalker99/status/1232382574842040325?s=20
Both. See tweet with excerpt: https://twitter.com/HoldenWalker99/status/1219300886213808128?s=20
Timing is disappointing, but I'm very optimistic, with good reason IMO, that this is being set up to execute whether or not Trump wins.
Right. Government is not going to write a check. I believe that the resolution will include amending the PSPA to allow pay down of liquidation preference while the Treasury commitment exists (currently not allowed) - priceless for shareholders IMO - and net the overpayment against it. Cashless transaction.
Not again... this happens every quarter... just read the Fairholme report... no common listed.
It's the Collins complaint! LOL!
https://gselinks.com/Court_Filings/Collins/16-cv-03113-0001.pdf
You're confusing cases. Sad.
My answers come from FHFA and Treasury, so... keep doing what you're doing, Joe... good luck.
Damages of $125 billion (with only 2% interest in Federal Court of Claims) and $215 billion and growing liquidation preference remains... $100 billion converted to common? Yep.
Sorry. That's the law.
SCOTUS win still needs Treasury "forgiveness." You're not getting it, are you?
FHFA Mark Calabria: "Treasury ultimately needs to determine the value of their investment... has senior preferred and warrants... how much Treasury want to sell or forgive is up to Sec. Mnuchin."
Doesn't matter if you have a two-headed coin, you still need Treasury "forgiveness" and guess what? They're taking that coin.
Coin flip win. Need one more coin flip win in SCOTUS. Win two coin flips, looking good. Then need Treasury "forgiveness." Oof.
Of course it's legally possible.
Not when it’s offset $-for-$ in Treasury liquidation preference / senior preferred.
Those aren’t facts and will be very difficult to prove in a court of law.
And only Washington Federal is challenging the conservatorship and their prayer for relief only includes direct damages of $41 billion for pre-conservatorship shareholders.
OK, now we’re talking. Agree.
I don’t see the SCOTUS connection to capital rule. PSPA connection for sure, but not capital rule.
Rule was ready months, if not years, ago. Calabria worked on Watt’s rule.
IMO, delay was political to push timeline. Unrelated to SCOTUS. I don’t see any connection.
This is a good observation. However, for most existing investors in common or preferred, we’ll all be in the same boat at re-IPO due to conservation. It therefore makes little sense to take unnecessary risk in common. At re-IPO price, there will be years of double digit gains for existing common, converted junior preferred and new investors. Until then, better to play it safe and align to litigation which is overwhelmingly junior preferred on plaintiff side.