Dime Bancorp Inc (fka DIMEQ)

[mrholty]

To add on to the great posts by Wall Street and the Grudge can I ask a simple question on the preferreds. (FD: I don't own any)

So when I went back and looked at Class 18 which lent me to Class 19 the REITS. The current settlement for the REITS is for $50M out of a FV of $4B? This would imply a recovery of 2%. I also have in my notes that if in the case of a payout it would be revised to be Pari-passu with the preferreds.

So not only for the preferreds to get paid one would expect the REITS to get something more as well. I know that in mediation all fair in love and war and anything goes but am I wrong to think that the guys on the preferreds way out touch with any possible recovery. Right now the P's are trading at 2% or equal to what the REITS are receiving. So while the FV or the preferred is $3.5B when you add in the REITS the preferrreds have to find $75M for 1% change.

Right, wrong, crazy or should I just not read those boards as you'll go blind from stupid. BTW, Blazing Saddles > Pulp Fiction but Animal House is better than either.