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Tuesday, December 03, 2019 1:52:16 PM
to the contrary, i said that they can legally convert with 2/3 jps approval
Is any conversion ratio legal?
It's also possible that FHFA directs FnF to offer a voluntary conversion at a specified ratio, as with Citi. This doesn't require any voting by pref shareholders.
i only noted that IF a potential plaintiff feels the conversion terms violate some statute/law, then a law suit could arise
Sure, but that's a tautology. Without any knowledge of what law a conversion would break, how can any lawsuit be anticipated?
btw, IF a conversion happens, I think it will happen on terms mutually agreeable to ALL parties
This "ALL" certainly won't include current common shareholders because they won't have a say. It will be the pref shareholders negotiating with Calabria. Possible exceptions to the above are Bill Ackman and CapWealth, who between them own 20% of the commons but are still more heavily weighted to the prefs (meaning that a generous enough conversion makes them enough money to eat a loss on the commons).
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