National Bank of Greece ADR (fka NBGGY)

[fourdueces]

Piraeus basically saved every bond holder, preference share or senior dept holder from losing there money. There buying back all that and converting it to shares or cash. I would imagine there is a agreement that they would reinvest in shares. Since its at higher then last trade. So then any invested money in that is bought back at higher rate and made into common. You can't wipe out common under EU agreement that last till end of year. So I'd imagine doing that it would make sense there is no dilution needed. But buying back those allows after recap to sell a whole new first series of bonds, preferred and all. They would gain that capital and the recap money. That's the sole reason it ran. No other. Original report was during the meeting. Alpha and Euro was present. Later was reported that NBG was also present. So it would lead you to think worse case that's the plan. Explains preferred run, someone new buyback and at whatever rate. Explains the filling of shares the other day. Need those shares to issue the new ones buying back bonds and preferred.