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Commons_Cancelled

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Commons_Cancelled

Re: kthomp19 post# 456507

Wednesday, 04/11/2018 1:52:47 PM

Wednesday, April 11, 2018 1:52:47 PM

Post# of 867734
Mnuchin Dilution Solution, then Preferred Conversion to Commons

The $25s will take the conversion at 10:1 and the $50s will take the conversion at 20:1. This is only after the warrants are exercised, additional dilution is factored in, Commons are trading at ~$1, and the GSEs are released from Conservatorship. Ackman realizes this also, hence the Rotation from Commons to Preferreds.

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