Monday, October 07, 2019 5:00:35 PM
It's a costless (to the government and FnF) way to buy them off.
What do you mean by "paying out"? If it means redeeming the prefs at par, that would cost FnF $33B that they could otherwise keep, and use towards capital requirements, by just leaving the prefs alone.
Citi prefs got a 7:1 conversion offer, when the market was at around 2.5:1 the day before. I am not aware of any lawsuits filed over that, so I would not expect any (eventually successful) lawsuits over this conversion either.
A "mob style" deal would be more like a 20:1 ratio. 6:1 isn't even double today's ratio of 3.6:1.
Which law would the conversion break? It certainly isn't the Fifth Amendment of the Constitution because none of the property involved is for public use.
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