Tuesday, May 14, 2024 7:29:31 PM
Correct.
They will just do it. The jury verdict does not in any way prevent a senior-to-common conversion from happening. The knee-capping of existing shareholders happened in 2012 and the jury said that was perfectly fine, so long as the companies pay a total of $800M to shareholders.
I fail to see how a new amendment letting Treasury convert their seniors into commons would be positive for current common shareholders.
If you're talking about a new lawsuit, especially one based on the implied covenant case, all I can say is precedent shows that you will be waiting a long time for a pittance of a payout at best.
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