Trunk, what I cannot get out of my mind is that pref holders have an incentive to short the common prior to a conversion, they have deep pockets and assume they have lots of common coming to them...
I think up until conversion -- or definitive news that it won't happen -- then we will see this continual, concerted, shorting of the common. It is one reason I moved out of common. (I also do not trust Calabria who is an ideologue wedded to crazy thinktanks for his livliehood...)
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