You told us that you have a position in FNMAS, which is a junior preferred. If you feel this reorganization plan is a realistic
possibility, then why not sell your shares?
It seems to me a plan like this would have been viable if the gloom and doom projections for FnF had come true, but with both companies doing well, then no, I don't see it happening.
It is true the net profit sweep can be used to force the companies into receivorship or liquidation, but then you have the federal government "taking" private property without compensation.
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