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Post# of 869597
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FOFreddie

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Re: kthomp19 post# 747509

Monday, 02/06/2023 2:27:01 PM

Monday, February 06, 2023 2:27:01 PM

Post# of 869597
That is simply not true. Central to the assumptions in Scenarios 2 & 3 of the CBO Analysis is the conversion of SPS to common with the implicit conclusion that the UST warrants do not have value due to the prospect of a senior to common conversion.
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