Yes. This is based on history, clear public statements by principles and sound business practice (i.e. not fantasy scenarios).
The real strength of the JPS is the almost guaranteed return at Par. Whether that will include past dividends or not will be determined by whether the the NWS is set aside. It will turn out to be a nice investment. With the increasing role of retained earnings while this process works itself out, obviously the benefit redounds to commons.
Todd Sullivan believes that the retained earnings will not be that great because of deterioration in the entire economic outlook. This, I believe, is where there is the greatest risk. But FnF have the power of increased G-fees and the potential of a big injection of cash via derivative claims in the courts, all of which can speed the process.
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