Busy reading through the document. It appears that the intent of Calabria and Mnuchin was to leave as little as possible for legacy shareholders. Even retained earnings only increase the liquidation preference of the seniors.
That said, as a pref holder I find it to be a good deal, and far better than no deal at all. FnF will now have an incentive to raise capital as quickly as possible, and the litigants all have a reason to settle too.
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