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Sunday, September 21, 2008 11:31:15 AM
Read the purchase agreement. Its a toxic financing deal. The government gets a 79.9% chunk of the common, control, can issue and sell new classes of stock with any preferences & priviliges at any time they desire and can issue and sell any amount of common they desire, at any time for the senior preferred's ROI. The common's dividends have been extinguished by the conservator so no matter how well FRE does, the common will get no dividends on those earnings. The common have also been stripped of their voting rights and have absolutely no say in what the government does with the company. The conservator must make FRE solvent before it is handed over to the government control. That means extinguishing debt, ie, the common.
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