LIQUIDATION PREFERENCE is going the way of the other dinosaurs. The money has been pool aid back.
CITI had a different failure risk profile, then, than FnF have today. In the end, acceptance all depends on the math of the deal.
What Noelis does or doesn't say is immaterial, now. They are not even in the conversation, any longer. Except maybe here on i-hub.
Common stocks are not compromised in FnF because this is a restructuring based on circumstance (looting of almost all capital and earnings for 12 years) and not due to imminent insolvency. Zero chance of any CH VII or XI.
"Theft and stealing" of common shareholder equity requires no opinion qualifier. It is a near guarantee in every COURT supervised BK RESTRUCTURING which, thankfully, this is not. I am going through one, presently, with Unit Corporation and the thieving makes this look like a church school picnic.
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