Possible the Preferreds are cancelled by Fannie Mae? The Company has the right via shareholders vote to do this. And since now the Conservatorship does not require a vote Mel Watt could quite easily cancel the Prefs shares at his own discretion.
It actually makes a lot of sense to do it now while in Conservatorship.
This could also be the reason they are dropping. As for the Moelis plan just because it was written by a lawyer does not make it any better or worse than the AJ Plan. Look at the repercussions of each plan and make your own decision. Keep in mind the warrants are illegal as confirmed in writing and in hand by the SEC.
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