Actually, from what I heard Pagliara is promoting par for preferreds. Same with Howard. Hinges would be happy for a little less than par. You'll notice none of them promoted conversion. In fact, Howard ridiculed those who invested based on such unfounded fantasies.
Are you familiar with the case in front of Judge Lamberth?
You must not be, otherwise you would know why JPS have much more leverage than Commons.
And that case is against the GSEs themselves. No way recapitalization happens until that case is settled or finalized (2 years of appeals after next year's ruling).
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