Maybe Bill Ackman believes, as I Have said for ages, that both classes of shares are likely to have value soon, and maybe he covets the restored divvies. Maybe, too, he believes in spreading risk across multiple outcomes to be a multi-part winner.
I find the premise of an "all at once" done deal remote, at best, and childishly hopeful in a 70% probability. It's like betting all Trifecta's and feeling smart about your superior knowledge of outcome probabilities.
If fnf are released with support of gov LOC and recap is done, then there is no need for any settlements. Either plaintiffs will stop litigating or (LOL) banana republic judges will take care of them.
It makes no difference to Gov if recap is done outside conservatorship since fhfa and gov will still be in control as regulator and LOC provider. But for private investors it provides safety and certainty from lawless conservatorship and 4617f.
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