the SPS certificate actually provides only limited possibilities to buy back the SPS. As long as treasury's commitment exists, a repurchase is excluded:
"Prior to termination of Commitment... the company may pay down the Liquidation Preference... but only to the extend of (i) accrued and unpaid dividends..." Page 3
Calabria told Joe Light on Twitter that he thought that a repurchase could have been agreed at that time.
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