Agreed. I am also puzzled why people are talking of pref for common conversion as part of a settlement.
Plaintiffs asked for NWS to be stopped and reversed, Senior pref to be paid off as part of reversal and a tax credit for the remainder. THAT is the meat of any settlement - maybe throw in some payment for back divvies ( tho they do not look plausible)
Why on earth would Treasury and FHFA, representing companies, just cough up conversion which hurts common and hence Treasury’s common stake? (If also does nothing for capital raise...)
Fanciful thinking indeed - even normally sound thinking people like Todd Sullivan are pushing this baloney. I cancelled his service when Sullivan pushed this blather...
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