How many do you think own JPS shares below 60%? The government knows. They know just what to offer to get a JPS shareholder majority vote on a close out of any JPS class.
I bet that over 60% of current holders own the shares below the 50% par value. Therefore, the more who sell at a loss, and with the prices way down, many would jump on less than 50% of par. It's a good way to reduce GSE debt. I own 10k at $1.60/share of $25 par FNMAS. would I take $10? Oh Yeah. Would I take $8? Sure. Would I take $5, depends.
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