I own preferred (although I'm mainly in commons). I'm under no illusion that my preferred are cumulative. The January 2021 letter set aside $5 billion to settle lawsuits. I think that's the limit that Treasury will disburse in Judge Lamberth's court. This of course doesn't work out to 150% of par as has been often mentioned here. But then, those who have come up with that estimate haven't provided a basis for their none cumulative bonanza.
I think (hope) 5th Circuit writes down the SPS to zero. No matter of yelling changes the fact that Treasury has been paid $110 billion more than the bogus bailout. Taxpayers lose nothing by the writedown.
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