"Is this the rational behind the Secret Squirrel Plan? To cheat JPS? To attempt some gambit to gain return of senior preferred dividends by bleeding them from taxpayers to kite common share value?"
Yes, but not by the Secret Squirrel Plan. This one has been designated the Secret Chipmunk Plan and it is set up to gnaw away at preferreds, in general. But the only nest to be padded will be that of the U.S. Treasury as common shareholders are regarded as nonexistent.
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