There are SOOOO many ways to skin Calabria's cat... er, I mean capital problem. None of the good ones, IMO, involve redeeming or converting JPS shares to common shares. I could see a settlement deal being carved out where they are made cumulative at some future time, like after release, but the Moelis-style garbage is just that. Rubbish. The entire load of coupon JPS dividends is well below $2 B at full boat. Better to pay that, or a portion thereof, while capital formation is being worked through.
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