Why do pref holders beleive they have the government, courts and a BOD they have not dealt with yet, over a barrel? Curious...would really like to know.
At this point government can tell pref's to pound sand until recap is done and new BOD installed,,let the new BOD handle the further capital restructuring after minimum capital requirement is met and release via consent decree. New BOD can tell pref's no interest payments due to weak or more needed capitalization funds. Pref's could very well end up never seeing a common position and a long wait on interest payments. Judges have not said anything in regards to direct claims - pref's or common and are leaning at not entertaining them at this point.
I assume also if any direct claim gets filed for suit that it will be many years of more hell.
So if the derivative claims which are affecting viability of the corporations only are judged in the GSE's favor, then common is a wee bit more bright side, don't ya think?
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