Conversion ratios by Familymang is the super-dilution scenario
Based on Calabria.
Could be, but there are quite a few unanswered questions:
Would there be merger?
What is the PSPA amount (187,215, 250) being converted?
Does JPS take a haircut?
How big is the pie?
When you add up the Common = Total - SPS - JPS you might end up with $1B or less, $10B or $20B.
Familymang is convinced it is $1B or less.
It certainly will not be $20B or more, so the dreams of $20+ PPS are clearly not in the cards.
This is a lot of back-of-the-envelope, for sure.
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