Thanks ewtrader. Glen seems to be confusing "security" with preference in a liquidation. No equity has security but may have preference. The SPS has the highest preference in a liquidation, next the JPS and then common equity. If the USG really was out to "maximize" its return it would build up a large SPS Liquidation Preference and then execute a liquidation via a HERA Receivership compromising JPS PAR and wiping equity. That seems implausible in my perspective and so does a cramdown scenario leaving commons with less value than current prices. That does not mean there will be threats and negotiations but in the end it seems most likely that JPS will get PAR and Commons will achieve a value greater than current prices. How much more for common most likely will impacted by the resolution of the remaining litigation and whether POTUS moves forward with an Admin action in the near future.
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