The Series C Preferred was removed from a preferred play upon fulfillment of that feature of conversion to 9 common shares.
From that 8K...
Item 8.01. Other Events.
Under the terms of the Company's 8.75% Non-Cumulative Perpetual Convertible Preferred Stock, Series C (the "Series C Preferred Stock"), as a result of the delisting of the Company's common stock, each share of Series C Preferred Stock is immediately convertible into 9.0909 shares of the Company's common stock. Due to the automatic stay in connection with the Chapter 11 Cases, the Company is prohibited from paying cash in lieu of any fractional shares.
The main preferred play is Preferred A series CITBQ since the Z is like a bond that's got a share price currently at about 70 percent of par (like alot of the bonds are looking to get in the proceedings) and the government's preferreds aren't really trading right now.
We continue to push for fair treatment of the remaining preferreds like we assume the government will push for fair treatment of their preferreds.
Removal of the C's frees up about 550,000,000 dollars
that had been in competition for money that was previously in consideration for the preferred's part of the company's "fair obligations".
Less competition for a given sector of that part of the company's money is nice.
JMHO DYODD GLTA
AI
