Please correct me .... I haven't fully analyzed the agreements, but my quick read is that there aren't SPS transfer restrictions that pertain to Treasury. I think the Gov't could sell its SPS interest via secondary and then separately monetize the warrants ... but I think that strategy would be challenged on several levels -- legal, financial (why should new investors pay a fair yield / believe they won't suffer the same fate as JPS), logistical (what mechanism would be used to create a return on SPS) and eventually government actor / consolidation considerations. I feel like the Gov't is already dancing on the head of a pin (so to speak) ... trying to monetize SPS outside of common conversion would take it to an entirely new level.
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