If we have equity SAFE - there is some % probability - 1% 10% 20% ? that JPS goes to 80% or 100% of PAR while common stay where they are due to dilution
IMO - the likely common price is 10 plus or minus 3 (4X possible) IMO - the possible low price of common might be 2-4
So - I sit with my money 50% in JPS and 50% in common as overall I expect the worst to be we win but with dilution to 3-4
I have already refuted your "dilution" hypothesis. I did think, I just thought "deeper" and more objectively than you did, trying desperately to justify your bad purchase, and the fact that commons outperformed the preferreds in 2019 and, so far in 2020.