Seems farfetched to me for the reason the moment the NWS is announced to be undone, the prefs will immediately trade at par, or close to, and the commons will see this upside too, joseph or mark or the 5th circuit only need to say two words “end NWS” so to determine what the conversion ratio for pref to common is upfront of the undo, is almost impossible, IMHO the most likely outcome will be the prefs receive their missed payments and commons get the upside of price appreciation of the commons and dividends are restored immediately. will the government get away with the above scenario, maybe, it is just so complex that the large investors might be willing settle just for the sake of time, if the deals is worse than above they probably wait another couple of years to see more benefits, with so many loose ends by the government investors smell blood, so it is a business case to every large investor, so they will start new lawsuits again over the actions about to be taken if improper, if they think it is not enough, the investors are right and the government knows this too, so they probably will make an offer that is legitimate “good”, at least hope so for them and us
The NWS itself is complex too, the contract with the 3th amendment is unconstitutional for sure, but if they strike the 3th only the 3 card monte pops up instantly, with an even worse outcome in the end than just ending the sweep
Now for paying damages, if they do not pay for damages caused, all paper they issue in the future will have a lower rating, as obligations are not met in the past, and due to the lower rating, money will be more expensive to them, so future earnings will be lower
Bottom-line: the longer the government waits with ending the sweep the more expensive it becomes for them
And the better the outcome is for prefs and commons, the less problems FnF face in the future.
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