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Sunday, October 25, 2009 3:22:04 AM
"In exchange for Treasury’s funding commitment, we issued to Treasury, as an initial commitment fee: (1) one million shares of senior preferred stock and (2) a warrant to purchase shares of our common stock equal to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis on the date of exercise. Because it holds this warrant, Treasury is deemed to be the beneficial owner of 79.9% of the outstanding shares of our common stock."
I still believe that if the Treasury ever wants to get out of the mortgage business (Which I believe is the case, long term), it will want to prop up the common stock price some day by exersizing those warrants and selling that 79.9% to Wall street someday, for a decent price. That does not predict a zero value for the current common stock. Oh, I also bought some REAL cheap 1.00 December puts for .05 Friday that they are nearly giving away (considering the stock is worth 0, LOL) as insurance for my long, and just in case some more yahoos come out and tell every one to sell FRE.
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