They can convert to CET1 after uplifting to NYSe, commons goes to 10 or 12 and then we can look at 2:1. So how does that look? CET1 converted and ready for future JPS too..
Financial advisors are there to both GSEs to advise what's best for them and not what's best for Berkowitz so conversion will not happen on greedy terms. It will happen after things and price reach a fair valuation point