Kindly, explain this away again, you did it so well in the past. Seriously, I am not trying to be a smart aleck, trying to understand how the Treasury will take out the shareholders. And if the common stock is wiped out what would stop the Treasury from taking out the JPS?
Consider this the conservatorship has lasted 15 years and both the common and JPS both have continued to trade. And the Treasury decides to take us out??
Senior Preferred Stock cannot be converted to Common Stock or any class of Stock UNDER THE TERMS of THE AGREEMENT.
FOURTH AMENDED AND RESTATED CERTIFICATE OF DESIGNATION OF TERMS OF VARIABLE LIQUIDATION PREFERENCE SENIOR PREFERRED STOCK, SERIES 2008-2
FACT: The Senior Preferred Stock cannot be converted to common stock. No 6 and No 7
Quote “No Conversion or Exchange Rights
The holders of shares of the Senior Preferred Stock shall not have any right to convert such shares into or exchange such shares for any other class or series of stock or obligations of the Company.
No Preemptive Rights
No holder of the Senior Preferred Stock shall as such holder have any preemptive right to purchase or subscribe for any other shares, rights, options or other securities of any class of the Company which at any time may be sold or offered for sale by the Company.” End of Quote
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