if spspa gets equitized and warrants exercised, commons would be worth less than $1, possibly far less --- and then for preferred shareholders it would be a function of their legal negotiations, my guess is a haircut could be on the table then.
it's really hard to know
this is generally what to expect in a spspa liquidation preference conversion to common/equitization.. basically commons get obliterated. i kind of always argued that it was impossible because HERA would put the nws back in the bag.. that feels less true now.
commons are not an investment, they are a speculation, and i would argue--- probably not a very good one at this point. sorry if i'm breaking this news or concept to you and you're new to it.
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