Agreed.
It is, however, a start.
The $100 million would cover buying up to 9,523,809 shares, if they can find enough investors willing to let go at $10.50.
If successful, preferred stock would go down from $465 million to $227 million.
This is not likely.
Thinking back to Scottish Re many years ago and facing proration, I sold my MHPD stake at prices ranging from $10.40 to $10.42 today.
Once the tender offer is over, preferred prices will most likely start to decay. I would probably buy back in.
Thank you for bringing this situation to my attention way back when. I kicked tires for a short period.
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