JPS, have the Gov by the Balls if they try anything less than Par ! Page 13 to page 14 https://www.cbo.gov/system/files/2020-08/56496-GSE.pdf You know dam wel Ackman and Co have spent a ton on fighting in court and I bet you they an't ready to take a haircut. They will want PAR !! for JPS
Redemption of Shareholders’ Claims in CBO’s Model CBO’s model incorporates the judgment that in scenarios in which the GSEs’ common-stock sale did not raise enough funds to redeem the full face value of both the senior preferred and junior preferred shares, the Treasury would take a reduction (known as a haircut) in the value of its senior preferred stake before requiring junior preferred shareholders to do so.30 That outcome would be inconsistent with the priority of interest between junior and senior preferred shares. But it recognizes that changing the GSEs’ commitments to junior preferred shareholders would be difficult outside a receivership scenario, in which the Treasury, as owner of the senior preferred shares, also owned the GSEs’ common stock (through its warrants) to allow the GSEs to retire their claims on the GSEs’ assets and income at less than the face value of their shares in the lead-up to a sale of new common stock. That refusal would reduce the value of the new common shares, making recapitalization more difficult. Even though the Treasury’s preferred shares have seniority over the preconservatorship preferred shares owned by investors, the Treasury would have an incentive to make an arrangement that took into account its ownership stake in the GSEs’ common stock.
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