Dime Bancorp Inc (fka DIMEQ)

[Zilla]

From past reading I think DIMEQ can be converted to U's but only if there's value. Now if you're SHORT U's and wanted to cover and you knew that the conversion was going to happen, then you'd be able to short 50 mil U's and cover with 1 mil DIMEQ's I know it sounds strange and one of my more 'out of the box' theories as to why commons can be held down for so long.
So if DIME's get 347 mil that would be 5,783,333,333 U's if avg is .06 add that to 1.7 bil current U's and you're just under 7.5 bil shares...Now if a settlement took care of debt and preferreds with 30 bil left for commons, that would actually be 4 PPS with the new structure. 30bil divided by 7.5 bil = 4 PPS
I know is far fetched but it's just another way they could screw over equity and not have to buy U's to cover hence keeping the volume low.
I wouldn't mind JPM shares for my DIMEQ's but only if we're in a seperate creditor class if JPM fails.