You must be using the same accounting that the Bush administration used. SCOTUS rules gov paid and NWS canceled FnF will be recapped and out of CS by 2023.
On this basis, the juniors will need to be offered at least 18% ($33B / $180B) to accept a conversion. If FnF achieve a $250B market cap later, that stake will be worth $45.8B, or around 138% of par.
Is this your estimate or are you commenting on another ?
I do not understand why JPS should get more than PAR in any event
(In the above - why 18% - and what PPS is common at relative to PAR in the conversion)
again - only important if this is how you see things - 138% of PAR ?
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