It has to do with the jps place in the capital structure which is higher priority than commons and has anti-dilution provisions.
The common shares in my view given the cbo report are not necessarily vanquished. The spspa face value was paid, not the liq pref — so my view is retaining earnings since 2019 may actually be decreasing the odds of them being completely destroyed in a spspa monetization
slow increase of capital - 20B a year or whatever - no SPO
yes to WTS (as that is the yang to the ying of killing LP/SP)
at 5B shares and say 15B in average profit - that comes to 3 a share x 8 = 24
common moves up - on capital growth via earnings and expectation of some form of release JPS inch up slowly as NO dividends allowed for say 3-4 years as capital grows But JPS then will catch up to PAR or FACE - say in year four - with maybe common getting there in 2 years All we need is what has not happened and is say 10% likely - the death of the LP/SP and congress to do somethiing 24-25