just correcting some misinformation that is all... eom
Then by all means, please allow ME to do so, so that we can end the mental masturbati0n once and for all:
In BANKRUPTCY, the Prospectus terms go out the window. The Prospectus terms carry no more weight than dreams of unicorns and rainbows on the other side of Candyland Mountain.
The so-called "conversion feature" of the Series R shares (aka, WAMPQ), mean NOTHING . . . there is NO conversion . . . at least by way of (or because of), the Prospectus. I could not state this any clearer than I have.
Any "conversion" would (theoretically) occur as a result of a negotiated (and truly global) settlement, or, under the terms of a SUCCESSFUL Plan of Reorganization . . . unlike the past 2 FAILED confirmation hearings where RosenRAT tried to lie, cheat and steal his way into the heart of Jamie Dimon. But God knows this RAT is trying. Maybe the 3rd time will be the charm, and he can bear some fruit (or at least a love child) for Jamie and the Insider Trading SETTLEMENT Note Holders . . . you know, the constituents whose interests he's looking after and trying to protect.
The Prospectuses (for the K and the P shares), are completely irrelevant and are of NO legal consequence.
My only regret is that I cannot (as a retailer, and unlike a Market Maker), short the K's and go long the P's.
But at least you are helping the MM's make their mortgage payments, their alimony payments, their childrens' tuition payments, their . . .
It's people like you that account for the 40% premium on the K's (relative to the P's). But at least I now see living proof as to the reason that the differential exists.
So, keep buying those K's . . . I hear that they are non-convertible, and that therefore, they WILL only receive CASH once this Tijuana Donkey Show is finally over.
AI
