The warrants will be exercised and the SPSA Liquidation Preference will be void because the Liquidation Preference Amount is a fiction. You are right that the warrants will be exercised and common shareholders we be entitled to 20% of the equity pre-IPO subject to dilution from new equity. See CBO Paper Scenario 1
Warrants only if not able to pay debt and even Maxine said debt paid !!! That being the case with ST prepping for release from conservatorship base on Capital retained for life after release no reason to believe warrants have any meaning.
It’s foolish to stick to one mindset here and if you look at your article from April where you state 5-8 you know there is a part of you that knows this