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Tuesday, December 20, 2016 8:49:59 PM
Unless you mean that you expect FnF to redeem the junior preferreds at par as part of a settlement. I disagree with that: FnF will need capital badly and it is far cheaper in the short term to just turn the dividends back on, which costs far less than $19B per year. Heck, the dividends are non-cumulative so FnF could decide to wait a year or two before turning them back on. As long as a promise to do so exists, the junior preferreds will approach par, appeasing those plaintiffs (Berkowitz, etc).
Also, I don't see a scenario in which the extra $65B that FnF have paid over the senior preferred value gets kept by the government AND the warrants get exercised. Why would the plaintiffs as a whole agree to that? Getting the preferreds redeemed at par (or getting their dividends turned back on) won't satisfy common holders like Ackman.
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