Sorry for the incomplete thought...
There is actually something fundamentally wrong with FMGC.GB and FMNPQ trading at the same valuation this late in Stage III. FMGC.GB should be in the 80s when compared to other cases like CEMJQ, SSCCQ and especially WAMUQ.
The FMNTQ case will be resolved much sooner than WAMUQ.
The $15 to $16 range for FMNPQ remains appropriate with no additional information.
I expect a Second Amended EOC Plan being presented shortly, which will detail FMNPQ being exchanged for convertible preferred. I made this recommendation on 8/18/09, which was two days before Nerland made the call. At the time, I know some people dismissed the concept. I think they will be surprised in the end.
In reality, half or maybe 75 percent of the FMNPQ holders would accept new securities trading at or near par today rather then put FMNTQ in a liquidation mode in which the price would not be much higher then it is today. FMNTQ will rise significantly once a plan has been approved by the court, but will decay over time.
If I was still a FMNTQ holder, I would sell on the good news (announcement) and then buy FMNPQ for the long haul. FMNPQ is still a double from here if a preferred option is proposed and accepted. Not sure about the price of FMNTQ outside of the actions of "ignorant investors". It could briefly hit $.75 or $1 with an imbalance of buy orders - not a prediction.
If you are not an Enterprising Investor, become one. It really can pay off!!!
