"You are right that familymang is most right but why is he pushing the cramdown along with Glenn and Kthomp. What does it matter to them?"
This is where you misunderstand me (and i cant speak for the other users you mentioned), i am not "pushing" for a cramdown, of course i would prefer a full wipe down of the senior preferreds (who wouldn't), but i am simply calling a spade a spade. This is what I believe to be the most logical and likely outcome, regardless of how I truly feel about the situation. Do i think all shareholders (common and preferred shareholders alike) were screwed? Of course i do. But unfortunately when you approach this investment opportunity today you have to separate emotions/justice from reality.
Instead of asking how do old shareholders get fairy compensated/treated, you should be asking how do i get a seat at the restructuring table? And junior preferred shares are simply the safest and most attractive way to participate in any upcoming restructuring (if there even is one).
Ideally i hope the information i am sharing helps investors on this board in this decision making process and to avoid potentially losing money in an unfavorable resolution that favors preferred shares over the common but you can only lead a horse to water. We are all adults and everyone is free to make their own investment decisions. GLTA
P.S. at the very least i would hope if you dont listen to my point of view you would listen to Ackman. There is a reason 25% of his position is currently in JPS, as he stated in one of his previous annual letters, "it hedges our risk of a restructuring that disproportionately benefits the preferred versus the common shares." And he said this before the courts have ruled that a) the NWS was a legal act of a conservator and b) the NWS wasn't a takings, so its more true today than ever.
