Can someone explain to me how JPS get a super duper favorable outcome by fighting tooth and nail with the government/FHFA?
The GB plan followers say capital stack matters...only outside conservatorship. What matters then?
Liquidation pref. = not happening now, or ever. We are making $$$
Dividend = only once there is enough capital, then yeah, they may start cutting dividends again.
Buuuut...you say conversion? How? Once released, that tells me that commons voting rights must be reinstated, who votes for any conversions or cap raises? Yup, you got it! Common shareholders. Why would government create billions upon billions of cheap shares to create a voting nightmare?
Release will most likely involve a consent decree or something like it, to help with a temporary backing while capital is allowed to legitimately build. Hence, no dividends for anyone for awhile, in my opinion. So what's left?
Common share price appreciation.
JPS price appreciation.
The big question is : what will treasury withhold on and/or write off? Seniors or warrants? If I was a betting man, and I am, I'd say the commons have a higher net price rise potential for a higher payout later on. Does anyone have info on the governments senior shares as far as if the value is capped like other jps shares ($25, $50, etc)? Is there a top price for seniors?
Will government do the right thing and void both seniors and warrants, or will they hang onto some or all of that class which has the highest gain return potential? Only 2024 will tell. Lol
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