Tuesday, August 21, 2018 11:23:46 AM
I have asked five or six times and you have yet to answer: how does the Moelis plan benefit prefs over commons? It envisions a 400% return for prefs and 400-700% for commons (the infamous $8-13 range). If anything that benefits commons over prefs.
Moelis's comments on the capital rule did not "correct" their earlier plan. The plan stands as-is, just pushed back by a year.
"Should" versus "will" again. This is what you think should happen, and since you (and I) have no power here, it's irrelevant.
If it wasn't for HERA's succession clause you would be right. But the companies remain in conservatorship, Treasury wields massive power and influence over the process, and the lawsuits are still outstanding. FnF and its shareholders are far from the only ones with a say here.
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