Thursday, August 11, 2022 9:27:29 AM
Nope, you're reading it wrong. Here's the relevant quote.
The key word is "right". That only means Treasury cannot force a conversion to common without the consent of the company.
It does not mean that the seniors can never be converted to common no matter what. All it takes is for FHFA, as conservator and on behalf of FnF, to agree to conversion terms with Treasury.
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