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Tuesday, December 13, 2016 8:54:08 AM
The P's and Mnuchin are going to hammer out a settlement and the P's including Ackman are not going to care if the warrants get exercised so long as the pps works for their investment. The gov has every interest in structuring a deal to get rid of the litigants with deep pockets and at the same time maximize the value of their warrants. The result is that shareholders make a lot of money and the gov (sold as the taxpayer) makes a ton of money. It's a win-win scenario that will end the majority of lawsuits. Prfd's get par and/or hopefully a nice incentive to convert to common while gov. can raise their strike price on warrants, offer a line of credit to offset the need for an immediate recap, etc. Probability is the key to investing IMHO and thinking that guys like Mnuchin are going to leave a ton of money on the table because it's the right thing to do is foolish. Win - win works and if there's a few small litigants that want to try and play it out for the next 5 years, no one really cares at that point. Is this right and do I agree with it, No, but it's the probable scenario.
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