Probabilities are debatable. But your assertion that it is out of the question that F+F recapitalize without dilution of common stock is de facto false.
Only if they are fully recapped and released with no dilution whatsoever. That scenario has a probability of zero.
I'll just mention two ways dilution can be avoided: The Mulvaney bill proposed a few years ago provides for recapitalization solely through retained earnings. A publication of the secret 12,000 documents holds the potential for a victory for us shareholders across the board.
There are dreamers and there are skeptics. But it doesn't make statements more realistic just because it tries to destroy those of the others.
Calabria also stated that he'd like to see Paulson and DeMarco in front of a judge. This leads me to believe that he considers the entire conservatorship a fraud.