It would seem those posting favoring their pref's position think they will be first in line for a windfall, no matter which way the wind blows. If receivership, they're golden, if recap and release, they're golden.
Their belief that commons will be screwed at every turn is their only argument accompanied by blind assumptions and and pie in the sky dreams due to the hedge funds positioning.
I am more than open to reasonable level headed debate on what is good FOR BOTH, since yeah, we're in the same boat! But when you push your one sided agenda, I lose any and all interest.
I've read much of Bradfords stuff in the past on seeking alpha...he used to always come off as fair and balanced to me, even though most said he was a solid pref's advocate. But no one here or anywhere else has any idea how this will all be settled. Too many variables especially with the courts and now this international economic emergency. So good discussion is a must right now, not your own one sided biased opinion.
FYI: I am for an equitable/fair settlement for all. Put us back to where we were before the government conducted it's coup of the GSE's and let the cards fall where they may. If courts decide we were wronged, then by all means, gov pay damages to who or what was wronged. Make it right - Damit!
Topic for discussion....maybe.
Pref's are a share class like commons are a share class, and the specific verbiage that has been used in the past by MC and/or SM is "shareholders will not get a windfall". I do not beleive they ever specified common or pref. So interpretation of that statement has always been looked at as a common shareholder negative, but very well could be ALL shareholders.
