Falling in love with the new favorite term "MQD" (major questions doctrine)
Does anyone really think that a group will put up any money to challenge the Admin doing all of the requisite steps which Howard and others foresee?
Exercise the warrants (completely legal)
Do something with the JPS (redeem, perhaps at a slight haircut)
Do something with the SPS (convert to common, at a slight haircut, or somehow use in recap)
All legal.
What is the MQD original poster would challenge?
The govt. has shown with GM and AIG that they can do whatever they want, as long as it a) appears fair to US taxpayer and b) aligns with the future state they desire.
JPS may not be 'golden' in any restructuring but is sure a heck of a lot safer than the common.
Hoping any plan makes both common and JPS happy. Of course, we ain't heard or seen anything so this is all complete guesswork.
MQD is not in the cards, though. How would that even happen?
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