Monday, June 28, 2021 1:40:16 PM
Nope, I still have my shares. Many more, in fact, because I was able to sell a good chunk of my position just as the Collins opinion came out. I read the sentence "The shareholders’ statutory claim must be dismissed." on page 2 and knew it was bad. I didn't act fast enough to sell everything, but I avoided the heavy losses others took that just held all the way down.
In the meantime, the extreme volatility of the last several trading days has allowed me to greatly increase my par value while not putting in any more money. This is a lucrative, if time-consuming, process. Ironically, for as many calls as I have heard to trade the commons, doing so with the prefs is far better because there are many more mispricing opportunities in several dozen series of prefs than just two of commons.
The Collins ruling was a severe kick in the ass, but it just gives me more time to trade around and costlessly increase my par value. Nearly all of my shares are in a retirement account I can't touch for decades anyway, so as long as I get par or close to it on my juniors, I don't care if it takes 2, 5, or 20 years. I have found a way to get paid to wait.
The timeline has been pushed back indefinitely, and since the liquidation preference ratchet on the seniors appears to be here to stay, FnF retaining earnings in the meantime doesn't really benefit the shareholders.
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