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Post# of 796248
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bradford86

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bradford86

Re: The Man With No Name post# 777349

Sunday, 12/10/2023 6:36:59 PM

Sunday, December 10, 2023 6:36:59 PM

Post# of 796248
Yup. That is the mechanics. Jps have to 2/3 vote to convert to commons. At this point receivership doesnt even convert them. It just zeroes everyone out and treasury takes everything.

I think the $100b they have in net worth takes receivership off the table. All that is left is recap and release

Warrants will be exercised. Common lack dilution protection against SPSPA being converted.. Common thus have no security. Preferred will be made whole.

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