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Monday, August 20, 2012 8:58:24 AM
Page 12, Step 3 of Millstein's proposed 9 Step Plan for "Going Private" with FnF -
"Initially, the existing Treasury Preferred should be converted into a non-cumulative preferred stock."
Check
This has always been an all or nothing play with jr. preferreds. Financially, FnF just got a sweetheart deal. Politically, the rhetoric just got more omnious. Hard to predict the future but the risk / reward still makes it a great play.
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