Tuesday, March 07, 2023 7:56:08 PM
The expectation is that the dividend is a part of a bigger plan to account for the off-balance sheet assets, which going back several years is related to the $2B asset swap. RD is the expert on the value there. I really only started paying close attention here after the swap occurred.
With that being the case, the question is what SHOULD the value be vs. what WILL they actually do here?
There SHOULD be value in the $10+ per share ($100 preferred) range. Not sure we WILL get that though. But my personal expectation is multiple dollars per common share in value.
There is still much yet to be determined, not only what will the value be, but what is the plan once the dividend is cleared and distributed?
The preferred share distribution is really only step one of what should be a multiple step process to resolve the past assets.
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