National Bank of Greece ADR (fka NBGGY)

[fourdueces]

Been doing some research on preferred was wondering if anyone has been here for a couple years. I found where they have before and can do by Greek law is to buy back all preferred shares and if it's below book value, anything that is paid over book value goes as profits on the books. Has happened before. Also I believe these preferred shares where supposed to be redeemed within 5 years. But in 2014 was given a 5 year delay in redemption. Because the preferred is non-cumulative, all missed dividends are not owed like cumulative preferred shares. Trying to figure why the preferred is running when they are the biggest threat as a junior bondholders off being forced in a bail in. Also moodys has preferred shares, at a C(hybd) rating lowered from Ca(hybd) on Sept 5th. That's just about as low as you can go. So I'm thinking are they gonna buy back all these preferred at a lower then book value and reduced redemption to show a profit on books to cover up the phantom bonds they've written for years?? Anyone who has been here for years and knows about this I would love to hear it. I've been shorting preferred hands over fist at 7+ anything I can get a hold off. But that one factor of buying all preferred back now has me sketchy.

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