Shadow - simply not true. I'm betting on dilution. I'm not betting on more than 3 to 5 billion shares of dilution.
There is no lead security. Commons are P/E sensitive ... amazing we got an email from TP talking about Commons get nothing until Preferreds get what they deserve. Sure, from a dividend standpoint, but in a free market, the vast, vast majority of companies trade at some book value with earnings. Discount dividends to some percentage, max 25%.
Fascinating JPS believe commons are locked out due to dividends, which is simply not the case. The market is pricing 6 to 12 months out and with a favorable SCOTUS, it gets interesting for Commons.
JPS I don't know. Very nuanced trade that requires more legal, political, and business moving parts to attain full JPS value.
This is why Ackman says 10$ after a favorable Scotus. He isn't paying attention to JPS par/pseudo-fixe income , and for obvious reasons. Commons don't operate within the par JPS/psuedo-fixed income construct.
Remember, the Treasury is not supposed to maximize profits off of bailouts. I expect Scotus to get into the ballpark of this theme ...
Gorsuch summed it up nicely during oral arguments, something to the effect of, "we're basically here to determine the remedy ..."
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