It is confusing for people that don’t realize that the BOD’s will determine capital raise. The CONSERVATOR’s primary duty is to preserve and conserve. The CONSERVATOR failed miserably. The CONSERVATOR can rectify this by getting the Treasury to return $124 billion to the corporations.
The REGULATOR decides their capital requirements. Calabria did this with no mention of conversion. The Boards of Directors won’t entertain ridiculous nonsense like conversion.
Gotta disagree with you. Calabria has no power to act on any share conversion of JPS to common stock as the Regulator. That presumptive right would only be extant under HERA when he acts as Conservator under the auspices of succession rights conveyed therein.