Agree to an extent, the JPS will be offered conversion not necessarily forced. However, the SPS/LP could be used to wipe everything and neither common nor JPS get squat. Not a likely outcome, but possible. It all depends on how much the Treasury wants to weaponize/monetize their stake. I think this is mostly a political decision since the Treasury is not in the business of profiteering.
If Treasury's sole desire is to get out of the pie, they can just wipe the LP, let the warrants expire and let the FHFA maintain control until exit. If capital thresholds get reduced in the meantime, great. If an SPO is needed for new capital raise, fine. Just let the GSEs do their thing.
The shareholder theft is optional not mandatory.
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