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Donotunderstand

05/26/17 9:14 AM

#413922 RE: HoldenWalker99 #413908

No one yet has shown me language in the governing documents for the junior preferred issues that stops the FHFA/F/F from converting them in some TBD ratio to common

That challenge has been out there a few weeks

Until it is clear and fact that "issuer" can not at their discretion convert preferred to common - there is no added protection for preferred as they are common in a different form

We saw the GOV force conversion of Citibank preferred issues to common - it is doable