The JPS clown pose is geting real scared, lol. They're seeing this run up on just rumors of release, and they see the common price climbing more than their JPS, proving us commons holders with common sense right, that the price will jump shoot up before even an official announcement. This is another reason also why they wont get any conversion. By the time they get around to dealing with the JPS the commons will have appreciated much 🤞, so even if a conversion were to be offered and voted on, it would probably be one $25 par JPS for same value $25 common share at the time of any offer, so 4 commons for one $100 par JPS, etc. Or it could very well be a worse offer, government may indeed force a JPS VALUE haircut because of all their law suits and hedge fund owners. That could very well happen. They'll never get more than a dollar for dollar offer, relative to common price, and most likely less than that due to the capital "that may" still be required at release.
I actually see the warrants as a tool to fill the capital hole. The government would be wise to sell the warrants back to the companies for what they paid and on the condition that the companies issue more shares to fill the capital hole, if needed. or to buy out the higher interest paying JPS at minimal cost (get rid of high interest debt). So, warrants can be used as a bargaining chip with JPS, not a get rich quick offer, LOL. would we get diluted? some...but nothing like the JPS clown pose suggests. Common shareholders have been nothing but screwed since day one of this, and the government knows this and knows were pissed! To avoid litigation with commons and signaling bad intentions to any common market prospective buyers, they better dam well think very seriously about the warrant usage and senior preferred predicament.
JMHO
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