First Preferred Capital Trust IV (FBS-A)

[mrholty]

Maybe I am missing something with this one regarding potential outcomes.

Looking at the most recent 10k it appears that they are doing better but they still have a way to get out of this. When their deposits are earning 4% paying to borrow at 8.25% in this environment is suicide so I understand why they would want to retire these. I also can see where current holders would want a return of partial capital instead of worrying about a return on capital.

Looking at PCBC the holders there received 20% on the dollar but that does not seem to be the main investment opportunity. Wasn't/Isn't the opportunity in PCBC the availability to buy common stock near $.20 after the warrants were exercised(which is now) or even waiting until after a RM is one thinks the stock is going to get hammered after a RM like many do. (This is my opinion - I had a nice gain in YRCW lost after shorts hammered the RM purely on the reason of a RM.

Did Trust holders get to buy warrants @ $.20 or something else in PCBC that I am missing? I guess I don't see the upside at this current juncture to purchase FBS-A when its sitting in a 20-40% recovery range.

Also, do you have any idea why they are only asking these holders (Capital Trust IV) and not of Capital Trust I (9.25% due 2027), Capital Trust II (10.24% due 2030) and Trust III (9% due 2031)? I would expect them to try and extinguish all of these if possible.