Not true - if JPS dividends are suspended until cap buffer met per the cap rule pages 100 to 110, then FnF would be substantially down the path of RRR that they would trade at a PE with only small unknowns TBD, plus they’ll be off this cesspool of an exchange, which is virtually unregulated by NYSE, NASDAQ, and FTSE standards.
Legacy JPS, without dividends until the cap buffer is met (which was part of the earnings call quote you didn’t include), will trade at a discount to par while commons would begin to approach or surpass legacy JPS shares.
Ackman stating commons outperform JPS in almost every scenario is so true. There are soo many things in flight that the capital stack is secondary to SPSA, Scotus, consent decree, etc. Calabria has said process dependent more times than I can count.
Lamberth is a common JPS comeback. If legacy JPS think Scotus is a coinflip, then Lamberth is 1 in a million chance.
I hope you guys go into this with eyes-wide open. I certainly don’t buy into every common theory, but all JPS seem to buy into one JPS common theory and those who promote it - If I had JPS, that would concern me ... hopefully money entrusted to naive financial advisors and various funds didn’t over allocate to JPS only to be left twisting in the wind ... like some mid-west or west coast boutique investment firms.
That could be stressful ...
News 
Market Data 
Discover 
