Fannie Mae-No Politics (FNMA)

[Potty]

DJ, it will depend on the terms of the conversion, and/or what the option for non-converted pref looks like... I think you might expect a carrot and a stick.

The price of newly issued common has to be attractive to induce new investors to buy it, so if you offer to convert JPS at the price of the new common then that will be an attractive price - and an incentive to convert.

PLUS, if the existing pref is looking at some years with no divvies, then that might be an incentive too -- or something more devious as a stick

Just quick and obvious thoughts